Guarantor Information (Tables)

12 Months Ended

Dec. 27, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidating Statement of Income

Consolidating Statement of Income

	Year ended December 27, 2014
(In millions)	Parent			Guarantor		Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—	$	2,613.9	$	(7.8	)	$	2,606.1
Other revenue	—			138.5		25.9		(164.4		)	—
Cost of products sold	—			25.9		1,020.8		(162.7		)	884.0
Gross margin	—			112.6		1,619.0		(9.5		)	1,722.1
Delivery, sales and administrative expense	19.5			67.1		1,269.0		(9.5		)	1,346.1
Re-engineering and impairment charges	—			0.1		10.9		—			11.0
Gains on disposal of assets including insurance recoveries, net	—			—		2.7		—			2.7
Operating income (loss)	(19.5		)	45.4		341.8		—			367.7
Interest income	0.4			28.9		4.4		(30.7		)	3.0
Interest expense	36.3			20.7		20.2		(30.7		)	46.5
Income from equity investments in subsidiaries	250.3			217.4		—		(467.7		)	—
Other expense	—			0.2		25.8		—			26.0
Income before income taxes	194.9			270.8		300.2		(467.7		)	298.2
Provision for income taxes	(19.5		)	20.8		82.5		—			83.8
Net income	$	214.4		$	250.0	$	217.7	$	(467.7	)	$	214.4
Comprehensive income	$	122.5		$	160.9	$	166.4	$	(327.3	)	$	122.5

Consolidating Statement of Income

	Year ended December 28, 2013
(In millions)	Parent			Guarantor			Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—		$	2,679.0	$	(7.4	)	$	2,671.6
Other revenue	—			124.6			18.3		(142.9		)	—
Cost of products sold	—			18.3			1,012.3		(140.8		)	889.8
Gross margin	—			106.3			1,685.0		(9.5		)	1,781.8
Delivery, sales and administrative expense	20.8			72.0			1,286.4		(9.5		)	1,369.7
Re-engineering and impairment charges	—			—			9.3		—			9.3
Gains on disposal of assets including insurance recoveries, net	—			—			0.7		—			0.7
Operating income (loss)	(20.8		)	34.3			390.0		—			403.5
Interest income	0.4			30.9			7.4		(36.1		)	2.6
Interest expense	33.8			19.8			22.7		(36.1		)	40.2
Income from equity investments in subsidiaries	308.9			280.9			—		(589.8		)	—
Other expense (income)	—			(0.1		)	5.6		—			5.5
Income before income taxes	254.7			326.4			369.1		(589.8		)	360.4
Provision for income taxes	(19.5		)	18.7			87.0		—			86.2
Net income	$	274.2		$	307.7		$	282.1	$	(589.8	)	$	274.2
Comprehensive income	$	228.7		$	262.7		$	249.4	$	(512.1	)	$	228.7

Consolidating Statement of Income

	Year ended December 29, 2012
(In millions)	Parent			Guarantor		Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—	$	2,591.3	$	(7.5	)	$	2,583.8
Other revenue	—			128.2		30.8		(159.0		)	—
Cost of products sold	—			30.9		992.0		(166.5		)	856.4
Gross margin	—			97.3		1,630.1		—			1,727.4
Delivery, sales and administrative expense	21.7			55.4		1,252.4		—			1,329.5
Re-engineering and impairment charges	—			—		22.4		—			22.4
Impairment of goodwill and intangible assets	—			—		76.9		—			76.9
Gains on disposal of assets including insurance recoveries, net	—			0.5		7.4		—			7.9
Operating income (loss)	(21.7		)	42.4		285.8		—			306.5
Interest income	1.6			30.9		4.9		(34.9		)	2.5
Interest expense	28.1			20.4		21.3		(34.9		)	34.9
Income from equity investments in subsidiaries	223.8			180.8		—		(404.6		)	—
Other expense	—			1.0		0.3		—			1.3
Income before income taxes	175.6			232.7		269.1		(404.6		)	272.8
Provision for income taxes	(17.4		)	11.2		86.0		—			79.8
Net income	$	193.0		$	221.5	$	183.1	$	(404.6	)	$	193.0
Comprehensive income	$	217.2		$	248.8	$	178.6	$	(427.4	)	$	217.2

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

	December 27, 2014
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	—	$	77.0	$	—		$	77.0
Accounts receivable, net	—		—		168.1		—			168.1
Inventories	—		—		306.0		—			306.0
Deferred income tax benefits, net	6.2		36.9		75.7		—			118.8
Non-trade amounts receivable, net	0.1		9.2		90.7		(38.2		)	61.8
Intercompany receivables	11.8		755.2		227.6		(994.6		)	—
Prepaid expenses and other current assets	1.4		1.8		101.8		(83.1		)	21.9
Total current assets	19.5		803.1		1,046.9		(1,115.9		)	753.6
Deferred income tax benefits, net	97.5		189.2		130.0		—			416.7
Property, plant and equipment, net	—		43.7		246.6		—			290.3
Long-term receivables, net	—		0.1		17.2		—			17.3
Trademarks and tradenames	—		—		104.2		—			104.2
Other intangible assets, net	—		—		1.5		—			1.5
Goodwill	—		2.9		161.8		—			164.7
Investments in subsidiaries	1,479.0		575.0		—		(2,054.0		)	—
Intercompany notes receivable	48.4		554.1		236.5		(839.0		)	—
Other assets, net	4.2		0.6		160.1		(130.1		)	34.8
Total assets	$	1,648.6	$	2,168.7	$	2,104.8	$	(4,139.0	)	$	1,783.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	—	$	2.6	$	140.2	$	—		$	142.8
Short-term borrowings and current portion of long-term debt and capital lease obligations	110.9		2.3		108.2		—			221.4
Intercompany payables	632.0		225.0		137.6		(994.6		)	—
Accrued liabilities	66.4		144.1		294.0		(121.3		)	383.2
Total current liabilities	809.3		374.0		680.0		(1,115.9		)	747.4
Long-term debt and capital lease obligations	602.3		—		12.9		—			615.2
Intercompany notes payable	32.5		204.0		602.5		(839.0		)	—
Other liabilities	18.7		155.5		190.6		(130.1		)	234.7
Shareholders' equity	185.8		1,435.2		618.8		(2,054.0		)	185.8
Total liabilities and shareholders' equity	$	1,648.6	$	2,168.7	$	2,104.8	$	(4,139.0	)	$	1,783.1

Condensed Consolidating Balance Sheet

	December 28, 2013
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	0.1	$	127.2	$	—		$	127.3
Accounts receivable, net	—		—		168.8		—			168.8
Inventories	—		—		313.4		—			313.4
Deferred income tax benefits, net	4.7		39.3		52.4		—			96.4
Non-trade amounts receivable, net	0.2		11.9		38.0		—			50.1
Intercompany receivables	12.0		447.0		467.3		(926.3		)	—
Prepaid expenses and other current assets	1.7		78.6		64.4		(121.7		)	23.0
Total current assets	18.6		576.9		1,231.5		(1,048.0		)	779.0
Deferred income tax benefits, net	86.2		191.1		120.6		—			397.9
Property, plant and equipment, net	—		38.6		262.3		—			300.9
Long-term receivables, net	—		0.1		23.0		—			23.1
Trademarks and tradenames	—		—		125.7		—			125.7
Other intangible assets, net	—		—		3.2		—			3.2
Goodwill	—		2.9		178.6		—			181.5
Investment in subsidiaries	1,679.9		2,333.2		—		(4,013.1		)	—
Intercompany notes receivable	53.7		585.8		1,841.9		(2,481.4		)	—
Other assets, net	5.1		8.1		36.4		(17.0		)	32.6
Total assets	$	1,843.5	$	3,736.7	$	3,823.2	$	(7,559.5	)	$	1,843.9
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	0.2	$	3.7	$	145.8	$	—		$	149.7
Short-term borrowings and current portion of long-term debt and capital lease obligations	121.0		—		114.4		—			235.4
Intercompany payables	412.1		466.9		47.3		(926.3		)	—
Accrued liabilities	80.5		61.8		331.8		(121.7		)	352.4
Total current liabilities	613.8		532.4		639.3		(1,048.0		)	737.5
Long-term debt and capital lease obligations	602.6		—		17.3		—			619.9
Intercompany notes payable	349.7		1,492.2		639.5		(2,481.4		)	—
Other liabilities	24.5		31.5		194.6		(17.0		)	233.6
Shareholders' equity	252.9		1,680.6		2,332.5		(4,013.1		)	252.9
Total liabilities and shareholders' equity	$	1,843.5	$	3,736.7	$	3,823.2	$	(7,559.5	)	$	1,843.9

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

	Year ended December 27, 2014
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	304.7		$	1,482.7		$	96.5		$	(1,601.8	)	$	282.1
Investing Activities:
Capital expenditures	—			(14.7		)	(54.7		)	—			(69.4		)
Proceeds from disposal of property, plant and equipment	—			—			7.1			—			7.1
Net intercompany loans	5.1			(190.8		)	1,839.9			(1,654.2		)	—
Return of capital	—			604.3			—			(604.3		)	—
Net cash provided by (used in) investing activities	5.1			398.8			1,792.3			(2,258.5		)	(62.3		)
Financing Activities:
Dividend payments to shareholders	(133.5		)	—			—			—			(133.5		)
Dividend payments to parent	—			(352.0		)	(1,281.5		)	1,633.5			—
Proceeds from exercise of stock options	15.7			—			—			—			15.7
Repurchase of common stock	(92.3		)	—			—			—			(92.3		)
Repayment of long-term debt and capital lease obligations	—			—			(3.0		)	—			(3.0		)
Net change in short-term debt	(9.1		)	2.3			4.6			—			(2.2		)
Excess tax benefits from share-based payment arrangements	6.3			—			—			—			6.3
Net intercompany borrowings	(96.9		)	(1,530.4		)	4.9			1,622.4			—
Return of capital to parent	—			—			(604.3		)	604.3			—
Net cash provided by (used in) financing activities	(309.8		)	(1,880.1		)	(1,879.3		)	3,860.2			(209.0		)
Effect of exchange rate changes on cash and cash equivalents	—			(1.5		)	(59.7		)	0.1			(61.1		)
Net change in cash and cash equivalents	—			(0.1		)	(50.2		)	—			(50.3		)
Cash and cash equivalents at beginning of year	—			0.1			127.2			—			127.3
Cash and cash equivalents at end of period	$	—		$	—		$	77.0		$	—		$	77.0

Condensed Consolidating Statement of Cash Flows

	Year ended December 28, 2013
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	(66.7	)	$	53.7		$	410.9		$	(74.4	)	$	323.5
Investing Activities:
Capital expenditures	—			(14.2		)	(54.8		)	—			(69.0		)
Proceeds from disposal of property, plant and equipment	—			—			8.9			—			8.9
Net intercompany loans	27.9			(223.9		)	(193.3		)	389.3			—
Net cash provided by (used in) investing activities	27.9			(238.1		)	(239.2		)	389.3			(60.1		)
Financing Activities:
Dividend payments to shareholders	(116.8		)	—			—			—			(116.8		)
Dividend payments to parent	—			—			(94.9		)	94.9			—
Net proceeds from issuance of senior notes	200.0			—			—			—			200.0
Proceeds from exercise of stock options	21.0			—			—			—			21.0
Repurchase of common stock	(379.4		)	—			—			—			(379.4		)
Repayment of capital lease obligations	—			—			(2.5		)	—			(2.5		)
Net change in short-term debt	84.0			—			(56.2		)	—			27.8
Debt issuance costs	(2.2		)	—			—			—			(2.2		)
Excess tax benefits from share-based payment arrangements	14.5			—			—			—			14.5
Net intercompany borrowings	217.7			184.3			7.8			(409.8		)	—
Net cash provided by (used in) financing activities	38.8			184.3			(145.8		)	(314.9		)	(237.6		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(18.3		)	—			(18.3		)
Net change in cash and cash equivalents	—			(0.1		)	7.6			—			7.5
Cash and cash equivalents at beginning of year	—			0.2			119.6			—			119.8
Cash and cash equivalents at end of period	$	—		$	0.1		$	127.2		$	—		$	127.3

Condensed Consolidating Statement of Cash Flows

	Year ended December 29, 2012
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	639.8		$	97.5		$	404.0		$	(842.6	)	$	298.7
Investing Activities:
Capital expenditures	—			(10.6		)	(65.0		)	—			(75.6		)
Proceeds from disposal of property, plant and equipment	—			0.3			10.5			—			10.8
Return of capital	854.9			—			—			(854.9		)	—
Net intercompany loans	6.9			1,327.9			(247.2		)	(1,087.6		)	—
Net cash provided by (used in) investing activities	861.8			1,317.6			(301.7		)	(1,942.5		)	(64.8		)
Financing Activities:
Dividend payments to shareholders	(77.6		)	—			—			—			(77.6		)
Dividend payments to parent	—			(686.2		)	(131.7		)	817.9			—
Proceeds from exercise of stock options	12.9			—			—			—			12.9
Repurchase of common stock	(205.0		)	—			—			—			(205.0		)
Repayment of long-term debt and capital lease obligations	—			—			(2.3		)	—			(2.3		)
Net change in short-term debt	37.0			—			(31.0		)	—			6.0
Excess tax benefits from share-based payment arrangements	13.5			—			—			—			13.5
Net intercompany borrowings	(1,282.4		)	123.5			46.6			1,112.3			—
Return of capital to parent	—			(854.9		)	—			854.9			—
Net cash provided by (used in) financing activities	(1,501.6		)	(1,417.6		)	(118.4		)	2,785.1			(252.5		)
Effect of exchange rate changes on cash and cash equivalents	—			0.8			(0.6		)	—			0.2
Net change in cash and cash equivalents	—			(1.7		)	(16.7		)	—			(18.4		)
Cash and cash equivalents at beginning of year	—			1.9			136.3			—			138.2
Cash and cash equivalents at end of period	$	—		$	0.2		$	119.6		$	—		$	119.8