Guarantor Information (Tables)

3 Months Ended

Mar. 28, 2015



	13 Weeks Ended March 28, 2015
(In millions)	Parent			Guarantor		Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—	$	582.0	$	(0.2	)	$	581.8
Other revenue	—			28.3		5.2		(33.5		)	—
Cost of products sold	—			5.2		218.1		(31.7		)	191.6
Gross margin	—			23.1		369.1		(2.0		)	390.2
Delivery, sales and administrative expense	3.5			17.9		294.0		(2.0		)	313.4
Re-engineering and impairment charges	—			—		16.2		—			16.2
Gains on disposal of assets	—			—		0.6		—			0.6
Operating income (loss)	(3.5		)	5.2		59.5		—			61.2
Interest income	7.2			6.5		1.0		(14.2		)	0.5
Interest expense	12.8			8.1		6.6		(14.2		)	13.3
Income from equity investments in subsidiaries	35.3			34.7		—		(70.0		)	—
Other expense	—			—		7.2		—			7.2
Income before income taxes	26.2			38.3		46.7		(70.0		)	41.2
Provision (benefit) for income taxes	(3.3		)	1.6		13.4		—			11.7
Net income (loss)	$	29.5		$	36.7	$	33.3	$	(70.0	)	$	29.5
Comprehensive income (loss)	$	6.8		$	7.6	$	4.8	$	(12.4	)	$	6.8

Consolidating Statement of Income



	13 Weeks Ended March 29, 2014
(In millions)	Parent			Guarantor		Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—	$	663.6	$	(0.4	)	$	663.2
Other revenue	—			24.8		5.8		(30.6		)	—
Cost of products sold	—			5.8		244.4		(28.6		)	221.6
Gross margin	—			19.0		425.0		(2.4		)	441.6
Delivery, sales and administrative expense	4.6			15.1		327.2		(2.4		)	344.5
Re-engineering and impairment charges	—			—		2.3		—			2.3
Gains on disposal of assets	—			—		1.8		—			1.8
Operating income (loss)	(4.6		)	3.9		97.3		—			96.6
Interest income	0.1			7.2		1.1		(7.7		)	0.7
Interest expense	9.6			4.5		6.0		(7.7		)	12.4
Income from equity investments in subsidiaries	61.3			58.6		—		(119.9		)	—
Other expense	—			0.1		14.0		—			14.1
Income before income taxes	47.2			65.1		78.4		(119.9		)	70.8
Provision (benefit) for income taxes	(5.0		)	2.6		21.0		—			18.6
Net income (loss)	$	52.2		$	62.5	$	57.4	$	(119.9	)	$	52.2
Comprehensive income (loss)	$	53.1		$	63.8	$	61.1	$	(124.9	)	$	53.1

Condensed Consolidating Balance Sheet



	March 28, 2015
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	0.3	$	83.6	$	—		$	83.9
Accounts receivable, net	—		—		167.0		—			167.0
Inventories	—		—		300.7		—			300.7
Deferred income tax benefits, net	6.2		36.9		72.3		—			115.4
Non-trade amounts receivable, net	—		42.3		91.4		(74.3		)	59.4
Intercompany receivables	15.9		690.0		232.8		(938.7		)	—
Prepaid expenses and other current assets	0.2		3.3		90.0		(66.1		)	27.4
Total current assets	22.3		772.8		1,037.8		(1,079.1		)	753.8
Deferred income tax benefits, net	98.2		188.5		124.4		—			411.1
Property, plant and equipment, net	—		44.7		220.0		—			264.7
Long-term receivables, net	—		0.1		14.9		—			15.0
Trademarks and tradenames, net	—		—		99.7		—			99.7
Other intangible assets, net	—		—		1.1		—			1.1
Goodwill	—		2.9		158.9		—			161.8
Investments in subsidiaries	1,084.7		418.4		—		(1,503.1		)	—
Intercompany notes receivable	452.2		546.9		198.9		(1,198.0		)	—
Other assets, net	—		0.8		155.3		(130.1		)	26.0
Total assets	$	1,657.4	$	1,975.1	$	2,011.0	$	(3,910.3	)	$	1,733.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	—	$	2.4	$	94.7	$	—		$	97.1
Short-term borrowings and current portion of long-term debt and capital lease obligations	178.6		—		89.9		—			268.5
Intercompany payables	549.1		233.7		155.9		(938.7		)	—
Accrued liabilities	147.0		85.6		281.9		(140.4		)	374.1
Total current liabilities	874.7		321.7		622.4		(1,079.1		)	739.7
Long-term debt and capital lease obligations	599.2		—		10.7		—			609.9
Intercompany notes payable	1.2		455.4		741.4		(1,198.0		)	—
Other liabilities	17.1		155.2		176.2		(130.1		)	218.4
Shareholders' equity	165.2		1,042.8		460.3		(1,503.1		)	165.2
Total liabilities and shareholders' equity	$	1,657.4	$	1,975.1	$	2,011.0	$	(3,910.3	)	$	1,733.2

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	0.5		1.8		101.8		(83.1		)	21.0
Total current assets	18.6		803.1		1,046.9		(1,115.9		)	752.7
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, net	—		—		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	—		0.6		160.1		(130.2		)	30.5
Total assets	$	1,643.5	$	2,168.7	$	2,104.8	$	(4,139.1	)	$	1,777.9
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	108.8		2.3		108.2		—			219.3
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	807.2		374.0		680.0		(1,115.9		)	745.3
Long-term debt and capital lease obligations	599.2		—		12.9		—			612.1
Intercompany notes payable	32.5		204.0		602.5		(839.0		)	—
Other liabilities	18.8		155.5		190.6		(130.2		)	234.7
Shareholders' equity	185.8		1,435.2		618.8		(2,054.0		)	185.8
Total liabilities and shareholders' equity	$	1,643.5	$	2,168.7	$	2,104.8	$	(4,139.1	)	$	1,777.9

Condensed Consolidating Statement of Cash Flows



	13 Weeks Ended March 28, 2015
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	470.8		$	(29.3	)	$	42.7		$	(496.0	)	$	(11.8	)
Investing Activities:
Capital expenditures	—			(3.8		)	(10.1		)	—			(13.9		)
Proceeds from disposal of property, plant and equipment	—			—			2.1			—			2.1
Net intercompany loans	(403.2		)	70.4			29.1			303.7			—
Return of capital	—			105.5			—			(105.5		)	—
Net cash provided by (used in) investing activities	(403.2		)	172.1			21.1			198.2			(11.8		)
Financing Activities:
Dividend payments to shareholders	(35.7		)	—			—			—			(35.7		)
Dividend payments to parent	—			(400.0		)	(76.4		)	476.4			—
Proceeds from exercise of stock options	3.1			—			—			—			3.1
Repurchase of common stock	(0.9		)	—			—			—			(0.9		)
Repayment of capital lease obligations	—			—			(0.9		)	—			(0.9		)
Net change in short-term debt	80.5			(2.3		)	(6.5		)	—			71.7
Excess tax benefits from share-based payment arrangements	0.8			—			—			—			0.8
Net intercompany borrowings	(115.4		)	260.0			139.5			(284.1		)	—
Return of capital to parent	—			—			(105.5		)	105.5			—
Net cash provided by (used in) financing activities	(67.6		)	(142.3		)	(49.8		)	297.8			38.1
Effect of exchange rate changes on cash and cash equivalents	—			(0.2		)	(7.4		)	—			(7.6		)
Net change in cash and cash equivalents	—			0.3			6.6			—			6.9
Cash and cash equivalents at beginning of year	—			—			77.0			—			77.0
Cash and cash equivalents at end of period	$	—		$	0.3		$	83.6		$	—		$	83.9

Condensed Consolidating Statement of Cash Flows



	13 Weeks Ended March 29, 2014
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	1.0		$	(0.6	)	$	(16.0	)	$	(2.7	)	$	(18.3	)
Investing Activities:
Capital expenditures	—			(2.1		)	(12.3		)	—			(14.4		)
Proceeds from disposal of property, plant and equipment	—			—			4.2			—			4.2
Net intercompany loans	0.6			130.1			7.1			(137.8		)	—
Net cash provided by (used in) investing activities	0.6			128.0			(1.0		)	(137.8		)	(10.2		)
Financing Activities:
Dividend payments to shareholders	(32.6		)	—			—			—			(32.6		)
Dividend payments to parent	—			—			(2.5		)	2.5			—
Proceeds from exercise of stock options	4.8			—			—			—			4.8
Repurchase of common stock	(16.9		)	—			—			—			(16.9		)
Repayment of capital lease obligations	—			—			(1.0		)	—			(1.0		)
Net change in short-term debt	59.4			—			(0.9		)	—			58.5
Excess tax benefits from share-based payment arrangements	5.8			—			—			—			5.8
Net intercompany borrowings	(22.1		)	(126.1		)	10.2			138.0			—
Net cash provided by (used in) financing activities	(1.6		)	(126.1		)	5.8			140.5			18.6
Effect of exchange rate changes on cash and cash equivalents	—			(0.6		)	(17.2		)	—			(17.8		)
Net change in cash and cash equivalents	—			0.7			(28.4		)	—			(27.7		)
Cash and cash equivalents at beginning of year	—			0.1			127.2			—			127.3
Cash and cash equivalents at end of period	$	—		$	0.8		$	98.8		$	—		$	99.6