Guarantor Information (Tables)

9 Months Ended

Sep. 26, 2015



	13 Weeks Ended September 26, 2015
(In millions)	Parent			Guarantor			Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—		$	522.4	$	(1.4	)	$	521.0
Other revenue	—			28.7			9.0		(37.7		)	—
Cost of products sold	—			9.0			200.3		(36.8		)	172.5
Gross margin	—			19.7			331.1		(2.3		)	348.5
Delivery, sales and administrative expense	3.3			23.1			264.4		(2.3		)	288.5
Re-engineering and impairment charges	—			—			0.3		—			0.3
Gains on disposal of assets	—			—			2.0		—			2.0
Operating income (loss)	(3.3		)	(3.4		)	68.4		—			61.7
Interest income	8.1			5.8			2.1		(15.5		)	0.5
Interest expense	11.6			9.3			5.9		(15.5		)	11.3
Income from equity investments in subsidiaries	40.5			46.0			—		(86.5		)	—
Other expense (income)	—			0.3			—		—			0.3
Income before income taxes	33.7			38.8			64.6		(86.5		)	50.6
Provision (benefit) for income taxes	(2.5		)	(2.8		)	19.7		—			14.4
Net income (loss)	$	36.2		$	41.6		$	44.9	$	(86.5	)	$	36.2
Comprehensive income (loss)	$	(26.4	)	$	(19.6	)	$	0.8	$	18.8		$	(26.4	)

Consolidating Statement of Income



	13 Weeks Ended September 27, 2014
(In millions)	Parent			Guarantor		Non-Guarantors			Eliminations			Total
Net sales	$	—		$	—	$	590.6		$	(1.9	)	$	588.7
Other revenue	—			28.5		6.5			(35.0		)	—
Cost of products sold	—			6.5		237.3			(34.6		)	209.2
Gross margin	—			22.0		359.8			(2.3		)	379.5
Delivery, sales and administrative expense	2.6			17.3		304.1			(2.3		)	321.7
Re-engineering and impairment charges	—			—		2.6			—			2.6
Gains on disposal of assets	—			—		—			—			—
Operating income (loss)	(2.6		)	4.7		53.1			—			55.2
Interest income	0.1			7.4		1.3			(8.0		)	0.8
Interest expense	9.8			5.4		4.7			(8.0		)	11.9
Income from equity investments in subsidiaries	40.4			36.2		—			(76.6		)	—
Other expense (income)	—			—		(3.8		)	—			(3.8		)
Income before income taxes	28.1			42.9		53.5			(76.6		)	47.9
Provision (benefit) for income taxes	(4.2		)	2.2		17.6			—			15.6
Net income (loss)	$	32.3		$	40.7	$	35.9		$	(76.6	)	$	32.3
Comprehensive income (loss)	$	7.4		$	16.5	$	20.0		$	(36.5	)	$	7.4

Consolidating Statement of Income



	39 Weeks Ended September 26, 2015
(In millions)	Parent			Guarantor			Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—		$	1,694.0	$	(2.3	)	$	1,691.7
Other revenue	—			85.5			23.9		(109.4		)	—
Cost of products sold	—			23.9			634.3		(105.0		)	553.2
Gross margin	—			61.6			1,083.6		(6.7		)	1,138.5
Delivery, sales and administrative expense	10.9			61.8			846.0		(6.7		)	912.0
Re-engineering and impairment charges	—			—			18.0		—			18.0
Gains on disposal of assets	—			—			13.4		—			13.4
Operating income (loss)	(10.9		)	(0.2		)	233.0		—			221.9
Interest income	23.4			18.5			4.5		(44.9		)	1.5
Interest expense	36.5			26.4			18.6		(44.9		)	36.6
Income from equity investments in subsidiaries	142.7			145.3			—		(288.0		)	—
Other expense (income)	—			0.3			8.3		—			8.6
Income before income taxes	118.7			136.9			210.6		(288.0		)	178.2
Provision (benefit) for income taxes	(9.0		)	(3.5		)	63.0		—			50.5
Net income (loss)	$	127.7		$	140.4		$	147.6	$	(288.0	)	$	127.7
Comprehensive income (loss)	$	21.3		$	30.2		$	64.3	$	(94.5	)	$	21.3

Consolidating Statement of Income



	39 Weeks Ended September 27, 2014
(In millions)	Parent			Guarantor		Non-Guarantors		Eliminations			Total
Net sales	$	—		$	—	$	1,931.7	$	(5.5	)	$	1,926.2
Other revenue	—			91.7		18.7		(110.4		)	—
Cost of products sold	—			18.7		746.6		(108.8		)	656.5
Gross margin	—			73.0		1,203.8		(7.1		)	1,269.7
Delivery, sales and administrative expense	10.4			52.8		958.7		(7.1		)	1,014.8
Re-engineering and impairment charges	—			—		8.3		—			8.3
Gains on disposal of assets	—			—		2.3		—			2.3
Operating income (loss)	(10.4		)	20.2		239.1		—			248.9
Interest income	0.3			22.0		3.5		(23.8		)	2.0
Interest expense	28.7			15.3		15.7		(23.8		)	35.9
Income from equity investments in subsidiaries	157.3			142.3		—		(299.6		)	—
Other expense	—			0.2		26.1		—			26.3
Income before income taxes	118.5			169.0		200.8		(299.6		)	188.7
Provision (benefit) for income taxes	(13.6		)	9.9		60.3		—			56.6
Net income (loss)	$	132.1		$	159.1	$	140.5	$	(299.6	)	$	132.1
Comprehensive income (loss)	$	114.5		$	141.6	$	127.9	$	(269.5	)	$	114.5

Condensed Consolidating Balance Sheet



	September 26, 2015
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	0.3	$	92.8	$	—		$	93.1
Accounts receivable, net	—		—		158.6		—			158.6
Inventories	—		—		285.7		—			285.7
Deferred income tax benefits, net	6.2		36.9		64.3		(1.9		)	105.5
Non-trade amounts receivable, net	—		42.2		105.9		(88.9		)	59.2
Intercompany receivables	21.4		630.4		226.1		(877.9		)	—
Prepaid expenses and other current assets	1.5		3.9		90.1		(69.3		)	26.2
Total current assets	29.1		713.7		1,023.5		(1,038.0		)	728.3
Deferred income tax benefits, net	99.9		188.4		114.5		—			402.8
Property, plant and equipment, net	—		45.7		209.0		—			254.7
Long-term receivables, net	—		0.1		13.9		—			14.0
Trademarks and tradenames, net	—		—		86.8		—			86.8
Other intangible assets, net	—		—		0.3		—			0.3
Goodwill	—		2.9		145.8		—			148.7
Investments in subsidiaries	1,110.8		562.4		—		(1,673.2		)	—
Intercompany notes receivable	459.1		496.8		295.0		(1,250.9		)	—
Other assets, net	1.7		1.2		122.0		(97.2		)	27.7
Total assets	$	1,700.6	$	2,011.2	$	2,010.8	$	(4,059.3	)	$	1,663.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	—	$	2.7	$	92.0	$	—		$	94.7
Short-term borrowings and current portion of long-term debt and capital lease obligations	191.9		2.5		91.8		—			286.2
Intercompany payables	567.4		230.9		79.6		(877.9		)	—
Accrued liabilities	142.8		85.6		259.5		(160.1		)	327.8
Total current liabilities	902.1		321.7		522.9		(1,038.0		)	708.7
Long-term debt and capital lease obligations	599.3		—		9.6		—			608.9
Intercompany notes payable	56.2		502.5		692.2		(1,250.9		)	—
Other liabilities	18.3		121.6		178.3		(97.2		)	221.0
Shareholders' equity	124.7		1,065.4		607.8		(1,673.2		)	124.7
Total liabilities and shareholders' equity	$	1,700.6	$	2,011.2	$	2,010.8	$	(4,059.3	)	$	1,663.3

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	1.1		1.8		101.8		(83.1		)	21.6
Total current assets	19.2		803.1		1,046.9		(1,115.9		)	753.3
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	1.5		0.6		160.1		(130.2		)	32.0
Total assets	$	1,645.6	$	2,168.7	$	2,104.8	$	(4,139.1	)	$	1,780.0
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	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	$	1,645.6	$	2,168.7	$	2,104.8	$	(4,139.1	)	$	1,780.0

Condensed Consolidating Statement of Cash Flows



	39 Weeks Ended September 26, 2015
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	456.7		$	(77.3	)	$	190.4		$	(497.6	)	$	72.2
Investing Activities:
Capital expenditures	—			(8.7		)	(33.7		)	—			(42.4		)
Proceeds from disposal of property, plant and equipment	—			—			17.5			—			17.5
Net intercompany loans	(355.1		)	89.5			(11.5		)	277.1			—
Return of capital	—			105.5			—			(105.5		)	—
Net cash provided by (used in) investing activities	(355.1		)	186.3			(27.7		)	171.6			(24.9		)
Financing Activities:
Dividend payments to shareholders	(103.6		)	—			—			—			(103.6		)
Dividend payments to parent	—			(400.0		)	(80.8		)	480.8			—
Net proceeds from issuance of senior notes	0.1			—			(0.1		)	—			—
Proceeds from exercise of stock options	7.6			—			—			—			7.6
Repurchase of common stock	(0.9		)	—			—			—			(0.9		)
Repayment of capital lease obligations	—			—			(2.1		)	—			(2.1		)
Net change in short-term debt	90.0			(2.3		)	(5.7		)	—			82.0
Debt issuance costs	(0.7		)	—			—			—			(0.7		)
Excess tax benefits from share-based payment arrangements	2.5			—			—			—			2.5
Net intercompany borrowings	(96.6		)	293.8			63.1			(260.3		)	—
Return of capital to parent	—			—			(105.5		)	105.5			—
Net cash provided by (used in) financing activities	(101.6		)	(108.5		)	(131.1		)	326.0			(15.2		)
Effect of exchange rate changes on cash and cash equivalents	—			(0.2		)	(15.8		)	—			(16.0		)
Net change in cash and cash equivalents	—			0.3			15.8			—			16.1
Cash and cash equivalents at beginning of year	—			—			77.0			—			77.0
Cash and cash equivalents at end of period	$	—		$	0.3		$	92.8		$	—		$	93.1

Condensed Consolidating Statement of Cash Flows



	39 Weeks Ended September 27, 2014
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	(25.3	)	$	103.4		$	45.7		$	(34.7	)	$	89.1
Investing Activities:
Capital expenditures	—			(10.8		)	(35.2		)	—			(46.0		)
Proceeds from disposal of property, plant and equipment	—			—			6.1			—			6.1
Net intercompany loans	2.3			6.5			14.0			(22.8		)	—
Net cash provided by (used in) investing activities	2.3			(4.3		)	(15.1		)	(22.8		)	(39.9		)
Financing Activities:
Dividend payments to shareholders	(101.0		)	—			—			—			(101.0		)
Dividend payments to parent	—			—			(37.1		)	37.1			—
Proceeds from exercise of stock options	14.0			—			—			—			14.0
Repurchase of common stock	(41.7		)	—			—			—			(41.7		)
Repayment of capital lease obligations	—			—			(2.5		)	—			(2.5		)
Net change in short-term debt	87.6			—			(2.7		)	—			84.9
Excess tax benefits from share-based payment arrangements	8.8			—			—			—			8.8
Net intercompany borrowings	55.3			(97.5		)	21.8			20.4			—
Net cash provided by (used in) financing activities	23.0			(97.5		)	(20.5		)	57.5			(37.5		)
Effect of exchange rate changes on cash and cash equivalents	—			(1.4		)	(48.2		)	—			(49.6		)
Net change in cash and cash equivalents	—			0.2			(38.1		)	—			(37.9		)
Cash and cash equivalents at beginning of year	—			0.1			127.2			—			127.3
Cash and cash equivalents at end of period	$	—		$	0.3		$	89.1		$	—		$	89.4