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Guarantor Information (Tables)
 3 Months Ended
Mar. 30, 2019
Guarantor Information [Abstract]  
Consolidating Statement of Income
Consolidating Statement of Income
 
13 weeks ended March 30, 2019
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$
—

 
$
—

 
$
488.3

 
$
(1.0
)
 
$
487.3

Other revenue
—

 
19.9

 
9.5

 
(29.4
)
 
—

Cost of products sold
—

 
9.6

 
182.0

 
(30.4
)
 
161.2

Gross margin
—

 
10.3

 
315.8

 
—

 
326.1

Delivery, sales and administrative expense
1.5

 
18.9

 
242.3

 
—

 
262.7

Re-engineering and impairment charges
—

 
0.6

 
3.7

 
—

 
4.3

Loss on disposal of assets
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Operating income (loss)
(1.5
)
 
(9.2
)
 
68.9

 
—

 
58.2

Interest income
5.5

 
0.7

 
10.1

 
(15.7
)
 
0.6

Interest expense
9.5

 
13.2

 
3.2

 
(15.7
)
 
10.2

Income from equity investments in subsidiaries
40.8

 
60.3

 
—

 
(101.1
)
 
—

Other expense (income)
(0.5
)
 
3.0

 
(5.8
)
 
—

 
(3.3
)
Income (loss) before income taxes
35.8

 
35.6

 
81.6

 
(101.1
)
 
51.9

Provision (benefit) for income taxes
(1.1
)
 
(3.4
)
 
19.5

 
—

 
15.0

Net income
$
36.9

 
$
39.0

 
$
62.1

 
$
(101.1
)
 
$
36.9

Comprehensive income (loss)
$
55.9

 
$
57.6

 
$
93.0

 
$
(150.6
)
 
$
55.9


Consolidating Statement of Income
 
13 weeks ended March 31, 2018
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$
—

 
$
—

 
$
542.8

 
$
(0.2
)
 
$
542.6

Other revenue
—

 
21.7

 
10.1

 
(31.8
)
 
—

Cost of products sold
—

 
10.0

 
198.7

 
(29.7
)
 
179.0

Gross margin
—

 
11.7

 
354.2

 
(2.3
)
 
363.6

Delivery, sales and administrative expense
3.0

 
22.3

 
266.2

 
(2.3
)
 
289.2

Re-engineering and impairment charges
—

 
0.3

 
7.3

 
—

 
7.6

Gain on disposal of assets
—

 
—

 
2.2

 
—

 
2.2

Operating income (loss)
(3.0
)
 
(10.9
)
 
82.9

 
—

 
69.0

Interest income
5.1

 
0.5

 
10.8

 
(15.7
)
 
0.7

Interest expense
9.2

 
15.5

 
2.1

 
(15.7
)
 
11.1

Income from equity investments in subsidiaries
40.8

 
70.5

 
—

 
(111.3
)
 
—

Other expense (income)
(0.6
)
 
12.0

 
(11.2
)
 
—

 
0.2

Income before income taxes
34.3

 
32.6

 
102.8

 
(111.3
)
 
58.4

Provision (benefit) for income taxes
(1.4
)
 
(6.3
)
 
30.4

 
—

 
22.7

Net income
$
35.7

 
$
38.9

 
$
72.4

 
$
(111.3
)
 
$
35.7

Comprehensive income
$
43.4

 
$
51.9

 
$
98.3

 
$
(150.2
)
 
$
43.4
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
 
March 30, 2019
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
0.3

 
$
146.5

 
$
—

 
$
146.8

Accounts receivable, net
—

 
—

 
167.0

 
—

 
167.0

Inventories
—

 
—

 
269.0

 
—

 
269.0

Non-trade amounts receivable, net
—

 
166.5

 
96.1

 
(210.8
)
 
51.8

Intercompany receivables
310.5

 
1,358.4

 
230.2

 
(1,899.1
)
 
—

Prepaid expenses and other current assets
1.0

 
5.3

 
41.5

 
(26.8
)
 
21.0

Total current assets
311.5

 
1,530.5

 
950.3

 
(2,136.7
)
 
655.6

Deferred income tax benefits, net
41.7

 
42.2

 
142.8

 
—

 
226.7

Property, plant and equipment, net
—

 
74.6

 
203.3

 
—

 
277.9

Operating lease assets
—

 
0.5

 
81.5

 
—

 
82.0

Long-term receivables, net
—

 
0.1

 
17.5

 
—

 
17.6

Trademarks and tradenames, net
—

 
—

 
52.3

 
—

 
52.3

Goodwill
—

 
2.9

 
74.6

 
—

 
77.5

Investments in subsidiaries
1,371.9

 
1,514.5

 
—

 
(2,886.4
)
 
—

Intercompany notes receivable
486.6

 
97.7

 
1,117.7

 
(1,702.0
)
 
—

Other assets, net
1.1

 
0.3

 
76.5

 
(28.7
)
 
49.2

Total assets
$
2,212.8

 
$
3,263.3

 
$
2,716.5

 
$
(6,753.8
)
 
$
1,438.8

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$
0.1

 
$
3.8

 
$
77.6

 
$
—

 
$
81.5

Short-term borrowings and current portion of long-term debt and finance lease obligations
253.3

 
—

 
114.5

 
—

 
367.8

Intercompany payables
1,276.2

 
428.5

 
194.4

 
(1,899.1
)
 
—

Accrued liabilities
265.6

 
57.7

 
261.9

 
(237.6
)
 
347.6

Total current liabilities
1,795.2

 
490.0

 
648.4

 
(2,136.7
)
 
796.9

Long-term debt and finance lease obligations
599.6

 
—

 
3.4

 
—

 
603.0

Intercompany notes payable
—

 
1,424.7

 
277.3

 
(1,702.0
)
 
—

Operating lease liabilities
—

 
0.3

 
52.4

 
—

 
52.7

Other liabilities
2.0

 
47.4

 
149.5

 
(28.7
)
 
170.2

Shareholders' equity (deficit)
(184.0
)
 
1,300.9

 
1,585.5

 
(2,886.4
)
 
(184.0
)
Total liabilities and shareholders' equity
$
2,212.8

 
$
3,263.3

 
$
2,716.5

 
$
(6,753.8
)
 
$
1,438.8



Condensed Consolidating Balance Sheet
 
December 29, 2018
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
0.3

 
$
148.7

 
$
—

 
$
149.0

Accounts receivable, net
—

 
—

 
144.7

 
—

 
144.7

Inventories
—

 
—

 
257.7

 
—

 
257.7

Non-trade amounts receivable, net
—

 
169.0

 
71.0

 
(190.1
)
 
49.9

Intercompany receivables
309.2

 
1,430.1

 
230.5

 
(1,969.8
)
 
—

Prepaid expenses and other current assets
1.1

 
3.7

 
48.2

 
(33.7
)
 
19.3

Total current assets
310.3

 
1,603.1

 
900.8

 
(2,193.6
)
 
620.6

Deferred income tax benefits, net
41.7

 
42.2

 
133.1

 
—

 
217.0

Property, plant and equipment, net
—

 
71.3

 
204.7

 
—

 
276.0

Long-term receivables, net
—

 
0.1

 
18.6

 
—

 
18.7

Trademarks and tradenames, net
—

 
—

 
52.9

 
—

 
52.9

Goodwill
—

 
2.9

 
73.2

 
—

 
76.1

Investments in subsidiaries
1,305.3

 
1,346.8

 
—

 
(2,652.1
)
 
—

Intercompany notes receivable
515.3

 
95.4

 
1,069.4

 
(1,680.1
)
 
—

Other assets, net
0.3

 
0.5

 
75.3

 
(28.6
)
 
47.5

Total assets
$
2,172.9

 
$
3,162.3

 
$
2,528.0

 
$
(6,554.4
)
 
$
1,308.8

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$
—

 
$
5.7

 
$
123.5

 
$
—

 
$
129.2

Short-term borrowings and current portion of long-term debt and finance lease obligations
189.4

 
—

 
96.1

 
—

 
285.5

Intercompany payables
1,330.9

 
436.3

 
202.6

 
(1,969.8
)
 
—

Accrued liabilities
278.6

 
69.2

 
220.4

 
(223.8
)
 
344.4

Total current liabilities
1,798.9

 
511.2

 
642.6

 
(2,193.6
)
 
759.1

Long-term debt and finance lease obligations
599.7

 
—

 
3.7

 
—

 
603.4

Intercompany notes payable
6.6

 
1,366.7

 
306.8

 
(1,680.1
)
 
—

Other liabilities
2.9

 
48.1

 
159.1

 
(28.6
)
 
181.5

Shareholders' equity (deficit)
(235.2
)
 
1,236.3

 
1,415.8

 
(2,652.1
)
 
(235.2
)
Total liabilities and shareholders' equity
$
2,172.9

 
$
3,162.3

 
$
2,528.0

 
$
(6,554.4
)
 
$
1,308.8
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
 
13 weeks ended March 30, 2019
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
3.8

 
$
(115.4
)
 
$
74.4

 
$
(2.9
)
 
$
(40.1
)
Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(7.5
)
 
(5.4
)
 
—

 
(12.9
)
Proceeds from disposal of property, plant and equipment
—

 
—

 
0.6

 
—

 
0.6

Net intercompany loans
22.2

 
53.6

 
(64.3
)
 
(11.5
)
 
—

Net cash provided by (used in) investing activities
22.2

 
46.1

 
(69.1
)
 
(11.5
)
 
(12.3
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(33.9
)
 
—

 
—

 
—

 
(33.9
)
Dividend payments to parent
—

 
—

 
(2.7
)
 
2.7

 
—

Proceeds from exercise of stock options
—

 
—

 
—

 
—

 
—

Repurchase of common stock
(0.7
)
 
—

 
—

 
—

 
(0.7
)
Repayment of finance lease obligations
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Net change in short-term debt
64.6

 
—

 
19.5

 
—

 
84.1

Debt issuance cost
(1.3
)
 
—

 
—

 
—

 
(1.3
)
Net intercompany borrowings
(54.7
)
 
69.3

 
(26.3
)
 
11.7

 
—

Net cash provided by (used in) financing activities
(26.0
)
 
69.3

 
(9.8
)
 
14.4

 
47.9

Effect of exchange rate changes on cash, cash equivalents and restricted cash
—

 
—

 
3.1

 
—

 
3.1

Net change in cash, cash equivalents and restricted cash
—

 
—

 
(1.4
)
 
—

 
(1.4
)
Cash, cash equivalents and restricted cash
 at beginning of year
—

 
0.3

 
151.6

 
—

 
151.9

Cash, cash equivalents and restricted cash
 at end of period
$
—

 
$
0.3

 
$
150.2

 
$
—

 
$
150.5




Condensed Consolidating Statement of Cash Flows
 
13 weeks ended March 31, 2018
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(4.4
)
 
$
(42.9
)
 
$
10.6

 
$
(4.1
)
 
$
(40.8
)
Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(5.5
)
 
(9.7
)
 
—

 
(15.2
)
Proceeds from disposal of property, plant and equipment
—

 
—

 
5.9

 
—

 
5.9

Net intercompany loans
(64.3
)
 
(5.5
)
 
(56.7
)
 
126.5

 
—

Net cash provided by (used in) investing activities
(64.3
)
 
(11.0
)
 
(60.5
)
 
126.5

 
(9.3
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(35.4
)
 
—

 
—

 
—

 
(35.4
)
Dividend payments to parent
—

 
—

 
(1.2
)
 
1.2

 
—

Proceeds from exercise of stock options
0.2

 
—

 
—

 
—

 
0.2

Repurchase of common stock
(1.0
)
 
—

 
—

 
—

 
(1.0
)
Repayment of finance lease obligations
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net change in short-term debt
87.0

 
—

 
10.2

 
—

 
97.2

Net intercompany borrowings
17.9

 
54.1

 
51.6

 
(123.6
)
 
—

Net cash provided by (used in) financing activities
68.7

 
54.1

 
60.1

 
(122.4
)
 
60.5

Effect of exchange rate changes on cash, cash equivalents and restricted cash
—

 
—

 
4.1

 
—

 
4.1

Net change in cash, cash equivalents and restricted cash
—

 
0.2

 
14.3

 
—

 
14.5

Cash, cash equivalents and restricted cash
 at beginning of year
—

 
0.1

 
147.1

 
—

 
147.2

Cash, cash equivalents and restricted cash
 at end of period
$
—

 
$
0.3

 
$
161.4

 
$
—

 
$
161.7