Condensed Consolidating Financial Data (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Year Ended December 31, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	5,966.6		$	3,465.0		$	(827.7	)	$	8,603.9
Cost of sales		—			4,212.6			2,527.1			(827.7	)		5,912.0
Gross profit		—			1,754.0			937.9			—			2,691.9
Selling, general and administrative expenses		207.3			1,122.3			691.7			—			2,021.3
Restructuring costs, net		2.0			4.8			5.3			—			12.1
Impairment of goodwill, intangibles and other assets		—			126.6			24.2			—			150.8
Operating earnings (loss)		(209.3	)		500.3			216.7			—			507.7
Interest expense, net		174.2			38.2			13.7			—			226.1
Income (loss) before taxes and equity earnings of subsidiaries		(383.5	)		462.1			203.0			—			281.6
Income tax provision (benefit)		(139.3	)		198.7			75.7			—			135.1
Equity earnings of subsidiaries		390.7			89.1			—			(479.8	)		—
Net income (loss)		146.5			352.5			127.3			(479.8	)		146.5
Other comprehensive income (loss), net of tax		(181.4	)		(136.5	)		(165.1	)		301.6			(181.4	)
Comprehensive income (loss)	$	(34.9	)	$	216.0		$	(37.8	)	$	(178.2	)	$	(34.9	)
	Year Ended December 31, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	5,678.9		$	3,407.1		$	(798.9	)	$	8,287.1
Cost of sales		—			4,064.8			2,388.3			(798.9	)		5,654.2
Gross profit		—			1,614.1			1,018.8			—			2,632.9
Selling, general and administrative expenses		104.8			1,130.3			724.9			—			1,960.0
Restructuring costs, net		—			—			7.7			—			7.7
Impairment of goodwill, intangibles and other assets		—			23.2			2.2			—			25.4
Operating earnings (loss)		(104.8	)		460.6			284.0			—			639.8
Interest expense, net		171.9			31.3			7.1			—			210.3
Loss on early extinguishment of debt		56.7			—			—			—			56.7
Income (loss) before taxes and equity earnings of subsidiaries		(333.4	)		429.3			276.9			—			372.8
Income tax provision (benefit)		(126.1	)		162.4			94.0			—			130.3
Equity earnings of subsidiaries		449.8			156.1			—			(605.9	)		—
Net income (loss)		242.5			423.0			182.9			(605.9	)		242.5
Other comprehensive income (loss), net of tax		(122.1	)		(160.9	)		(191.8	)		352.7			(122.1	)
Comprehensive income (loss)	$	120.4		$	262.1		$	(8.9	)	$	(253.2	)	$	120.4

	Year Ended December 31, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	4,930.5		$	3,191.7		$	(766.3	)	$	7,355.9
Cost of sales		—			3,732.3			2,275.2			(766.3	)		5,241.2
Gross profit		—			1,198.2			916.5			—			2,114.7
Selling, general and administrative expenses		133.8			804.6			581.4			—			1,519.8
Restructuring costs, net		—			5.8			16.2			—			22.0
Operating earnings (loss)		(133.8	)		387.8			318.9			—			572.9
Interest expense, net		199.3			(21.8	)		17.9			—			195.4
Loss on early extinguishment of debt		25.9			—			—			—			25.9
Income (loss) before taxes and equity earnings of subsidiaries		(359.0	)		409.6			301.0			—			351.6
Income tax provision (benefit)		(124.9	)		165.9			106.7			—			147.7
Equity earnings of subsidiaries		438.0			145.0			—			(583.0	)		—
Net income (loss)		203.9			388.7			194.3			(583.0	)		203.9
Other comprehensive income (loss), net of tax		(5.2	)		(2.0	)		(26.1	)		28.1			(5.2	)
Comprehensive income (loss)	$	198.7		$	386.7		$	168.2		$	(554.9	)	$	198.7

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of December 31, 2015
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	879.6	$	7.6	$	411.2	$	—		$	1,298.4
Accounts receivable		—		5.4		1,305.0		—			1,310.4
Inventories		—		990.6		792.6		—			1,783.2
Other current assets		53.6		69.7		139.0		—			262.3
Total current assets		933.2		1,073.3		2,647.8		—			4,654.3
Property, plant and equipment, net		50.8		504.3		519.3		—			1,074.4
Goodwill		—		3,069.8		1,190.6		—			4,260.4
Intangibles, net		—		3,008.1		1,086.5		—			4,094.6
Intercompany receivables		6,237.9		4,947.3		4,560.9		(15,746.1	)		—
Investment in subsidiaries		8,161.1		2,111.4		—		(10,272.5	)		—
Other non-current assets		66.7		8.9		133.8		—			209.4
Total assets	$	15,449.7	$	14,723.1	$	10,138.9	$	(26,018.6	)	$	14,293.1
Liabilities and stockholders’ equity:
Short-term debt and current portion of long-term debt	$	66.5	$	1.8	$	525.2	$	—		$	593.5
Accounts payable		8.3		493.4		311.5		—			813.2
Other current liabilities		94.3		289.4		484.9		—			868.6
Total current liabilities		169.1		784.6		1,321.6		—			2,275.3
Long-term debt		5,774.6		4.1		8.8		—			5,787.5
Intercompany payables		5,172.4		4,126.7		6,447.0		(15,746.1	)		—
Deferred taxes on income		60.5		1,154.5		388.5		—			1,603.5
Other non-current liabilities		220.8		146.6		207.1		—			574.5
Total stockholders’ equity		4,052.3		8,506.6		1,765.9		(10,272.5	)		4,052.3
Total liabilities and stockholders’ equity	$	15,449.7	$	14,723.1	$	10,138.9	$	(26,018.6	)	$	14,293.1

	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

	Year Ended December 31, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities:	$	(137.6	)	$	1,080.3		$	(248.8	)	$	(9.2	)	$	684.7
Financing activities:
Net change in short-term debt		—			(0.9	)		(33.1	)		—			(34.0	)
(Payments on) proceeds from intercompany transactions		545.3			(932.5	)		382.6			4.6			—
Proceeds from issuance of long-term debt		1,386.0			—			3.8			—			1,389.8
Payments on long-term debt		(52.6	)		(0.8	)		(1.3	)		—			(54.7	)
Issuance (repurchase) of common stock, net		1,315.5			—			—			—			1,315.5
Excess tax benefits from stock-based compensation		25.9			—			—			—			25.9
Other		(17.7	)		(0.4	)		(5.7	)		—			(23.8	)
Net cash provided by (used in) financing activities		3,202.4			(934.6	)		346.3			4.6			2,618.7
Investing activities:
Additions to property, plant and equipment		(11.7	)		(133.7	)		(69.2	)		—			(214.6	)
Acquisition of business, net of cash acquired		(2,904.0	)		(7.0	)		(26.1	)		—			(2,937.1	)
Intercompany investing activities, net		—			(4.6	)		—			4.6			—
Other		1.7			(2.1	)		35.0			—			34.6
Net cash used in investing activities		(2,914.0	)		(147.4	)		(60.3	)		4.6			(3,117.1	)
Effect of exchange rate changes on cash		—			—			(52.7	)		—			(52.7	)
Net increase (decrease) in cash and cash equivalents		150.8			(1.7	)		(15.5	)		—			133.6
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	$	879.6		$	7.6		$	411.2		$	—		$	1,298.4

	Year Ended December 31, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities:	$	(145.5	)	$	555.1		$	236.5		$	(19.1	)	$	627.0
Financing activities:
Net change in short-term debt		—			—			25.4			—			25.4
(Payments on) proceeds from intercompany transactions		11.8			(74.9	)		44.0			19.1			—
Proceeds from issuance of long-term debt		1,752.5			1.6			10.7			—			1,764.8
Payments on long-term debt		(1,245.7	)		(1.5	)		(0.8	)		—			(1,248.0	)
Issuance (repurchase) of common stock, net		(285.3	)		—			—			—			(285.3	)
Excess tax benefits from stock-based compensation		38.0			—			—			—			38.0
Other		(21.4	)		(7.6	)		(0.4	)		—			(29.4	)
Net cash provided by (used in) financing activities		249.9			(82.4	)		78.9			19.1			265.5
Investing activities:
Additions to property, plant and equipment		(6.2	)		(129.0	)		(66.9	)		—			(202.1	)
Acquisition of business, net of cash acquired		—			(340.5	)		(176.9	)		—			(517.4	)
Other		(0.2	)		(7.4	)		15.6			—			8.0
Net cash used in investing activities		(6.4	)		(476.9	)		(228.2	)		—			(711.5	)
Effect of exchange rate changes on cash		—			—			(144.7	)		—			(144.7	)
Net increase (decrease) in cash and cash equivalents		98.0			(4.2	)		(57.5	)		—			36.3
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	$	728.8		$	9.3		$	426.7		$			$	1,164.8

	Year Ended December 31, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities:	$	(180.6	)	$	675.2		$	182.8		$	(8.9	)	$	668.5
Financing activities:
Net change in short-term debt		—			(0.1	)		102.1			—			102.0
(Payments on) proceeds from intercompany transactions		775.4			(567.5	)		(200.5	)		(7.4	)		—
Proceeds from issuance of long-term debt		1,261.5			—			11.9			—			1,273.4
Payments on long-term debt		(404.5	)		(1.8	)		(1.4	)		—			(407.7	)
Issuance (repurchase) of common stock, net		450.5			—			—			—			450.5
Excess tax benefits from stock-based compensation		11.6			—			—			—			11.6
Other		(19.2	)		(4.4	)		(0.6	)		—			(24.2	)
Net cash provided by (used in) financing activities		2,075.3			(573.8	)		(88.5	)		(7.4	)		1,405.6
Investing activities:
Additions to property, plant and equipment		(37.5	)		(77.7	)		(95.8	)		—			(211.0	)
Acquisition of business, net of cash acquired		(1,807.4	)		—			(12.7	)		—			(1,820.1	)
Intercompany investing activities, net		—			(16.3	)		—			16.3			—
Other		20.8			1.2			51.7			—			73.7
Net cash used in investing activities		(1,824.1	)		(92.8	)		(56.8	)		16.3			(1,957.4	)
Effect of exchange rate changes on cash		—			—			(22.3	)		—			(22.3	)
Net increase in cash and cash equivalents		70.6			8.6			15.2			—			94.4
Cash and cash equivalents at beginning of year		560.2			4.9			469.0			—			1,034.1
Cash and cash equivalents at end of year	$	630.8		$	13.5		$	484.2		$	—		$	1,128.5