Guarantor Information (Tables)

12 Months Ended

Dec. 28, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]



	Year ended December 28, 2019
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Net sales	$	—		$	—		$	1,803.9		$	(6.0	)	$	1,797.9
Other revenue	—			107.0			8.9			(115.9		)	—
Cost of products sold	—			9.0			721.0			(119.2		)	610.8
Gross margin	—			98.0			1,091.8			(2.7		)	1,187.1
Delivery, sales and administrative expense	10.9			83.2			908.0			(2.7		)	999.4
Re-engineering and impairment charges	—			1.5			33.2			—			34.7
Impairment of goodwill and intangible assets	—			—			40.0			—			40.0
Gain on disposal of assets	—			—			12.9			—			12.9
Operating (loss) income	(10.9		)	13.3			123.5			—			125.9
Interest income	19.9			2.2			36.4			(56.3		)	2.2
Interest expense	39.3			48.3			10.2			(56.3		)	41.5
Income from equity investments in subsidiaries	25.3			29.2			—			(54.5		)	—
Other income	(2.0		)	(2.3		)	(12.5		)	—			(16.8		)
(Loss) income before income taxes	(3.0		)	(1.3		)	162.2			(54.5		)	103.4
(Benefit) provision for income taxes	(15.4		)	(15.5		)	121.9			—			91.0
Net income	$	12.4		$	14.2		$	40.3		$	(54.5	)	$	12.4
Comprehensive (loss) income	$	(18.8	)	$	(18.2	)	$	33.0		$	(14.8	)	$	(18.8	)

Consolidating Statement of Income



	Year ended December 29, 2018
(In millions)	Parent			Guarantor		Non-Guarantors			Eliminations			Total
Net sales	$	—		$	—	$	2,076.1		$	(6.4	)	$	2,069.7
Other revenue	—			111.8		15.2			(127.0		)	—
Cost of products sold	—			15.3		808.4			(131.5		)	692.2
Gross margin	—			96.5		1,282.9			(1.9		)	1,377.5
Delivery, sales and administrative expense	15.5			71.4		975.5			(1.9		)	1,060.5
Re-engineering and impairment charges	—			2.0		13.9			—			15.9
Gain on disposal of assets	—			—		18.7			—			18.7
Operating (loss) income	(15.5		)	23.1		312.2			—			319.8
Interest income	20.6			1.9		43.2			(62.9		)	2.8
Interest expense	38.2			62.7		8.5			(62.9		)	46.5
Income from equity investments in subsidiaries	179.2			227.2		—			(406.4		)	—
Other (income) expense	(1.5		)	2.2		(0.8		)	—			(0.1		)
Income before income taxes	147.6			187.3		347.7			(406.4		)	276.2
(Benefit) provision for income taxes	(8.3		)	22.0		106.6			—			120.3
Net income	$	155.9		$	165.3	$	241.1		$	(406.4	)	$	155.9
Comprehensive income	$	107.4		$	117.9	$	169.6		$	(287.5	)	$	107.4

Consolidating Statement of Income



	Year ended December 30, 2017
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Net sales	$	—		$	—		$	2,263.3		$	(7.5	)	$	2,255.8
Other revenue	—			132.2			30.7			(162.9		)	—
Cost of products sold	—			30.6			875.0			(161.3		)	744.3
Gross margin	—			101.6			1,419.0			(9.1		)	1,511.5
Delivery, sales and administrative expense	20.5			85.9			1,061.9			(9.1		)	1,159.2
Re-engineering and impairment charges	—			2.3			63.7			—			66.0
Impairment of goodwill and intangible assets	—			—			62.9			—			62.9
Gain on disposal of assets	—			—			9.1			—			9.1
Operating (loss) income	(20.5		)	13.4			239.6			—			232.5
Interest income	20.4			1.9			39.6			(59.0		)	2.9
Interest expense	37.4			59.6			8.1			(59.0		)	46.1
(Loss) income from equity investments in subsidiaries	(231.8		)	17.4			—			214.4			—
Other expense (income)	0.3			6.8			(2.9		)	—			4.2
(Loss) income before income taxes	(269.6		)	(33.7		)	274.0			214.4			185.1
(Benefit) provision for income taxes	(4.2		)	198.9			255.8			—			450.5
Net (loss) income	$	(265.4	)	$	(232.6	)	$	18.2		$	214.4		$	(265.4	)
Comprehensive (loss) income	$	(223.3	)	$	(182.6	)	$	65.7		$	116.9		$	(223.3	)

Condensed Consolidating Balance Sheet



	December 28, 2019
(In millions)	Parent			Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—		$	0.3	$	122.9	$	—		$	123.2
Accounts receivable, net	—			—		110.7		—			110.7
Inventories	—			—		245.2		—			245.2
Non-trade amounts receivable, net	—			166.2		84.9		(212.0		)	39.1
Intercompany receivables	325.9			1,546.3		209.9		(2,082.1		)	—
Prepaid expenses and other current assets	1.2			16.0		41.1		(38.0		)	20.3
Total current assets	327.1			1,728.8		814.7		(2,332.1		)	538.5
Deferred income tax benefits, net	41.7			42.2		105.6		(3.4		)	186.1
Operating lease assets	—			4.7		79.4		—			84.1
Property, plant and equipment, net	—			85.7		181.8		—			267.5
Long-term receivables, net	—			0.1		14.9		—			15.0
Trademarks and tradenames, net	—			—		24.6		—			24.6
Goodwill	—			2.9		56.6		—			59.5
Investments in subsidiaries	1,305.2			1,208.8		—		(2,514.0		)	—
Intercompany notes receivable	514.8			95.7		1,046.1		(1,656.6		)	—
Other assets, net	1.9			12.7		150.0		(77.5		)	87.1
Total assets	$	2,190.7		$	3,181.6	$	2,473.7	$	(6,583.6	)	$	1,262.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	$	—		$	8.3	$	117.1	$	—		$	125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	186.8			—		86.4		—			273.2
Intercompany payables	1,440.8			406.2		235.1		(2,082.1		)	—
Accrued liabilities	239.1			65.6		235.6		(250.0		)	290.3
Total current liabilities	1,866.7			480.1		674.2		(2,332.1		)	688.9
Long-term debt and finance lease obligations	599.8			—		2.4		—			602.2
Intercompany notes payable	—			1,362.2		294.4		(1,656.6		)	—
Operating lease liabilities	—			4.0		52.0		—			56.0
Other liabilities	1.2			110.7		161.3		(80.9		)	192.3
Shareholders' (deficit) equity	(277.0		)	1,224.6		1,289.4		(2,514.0		)	(277.0		)
Total liabilities and shareholders' equity	$	2,190.7		$	3,181.6	$	2,473.7	$	(6,583.6	)	$	1,262.4

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
Investment 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 capital 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 capital 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' (deficit) equity	(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



	Year ended December 28, 2019
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash (used in) provided by operating activities	$	(26.3	)	$	150.7		$	187.9		$	(224.9	)	$	87.4
Investing Activities:
Capital expenditures	—			(30.4		)	(30.6		)	—			(61.0		)
Proceeds from disposal of property, plant and equipment	—			—			34.0			—			34.0
Net intercompany loans	(6.1		)	(108.9		)	31.5			83.5			—
Net cash (used in) provided by investing activities	(6.1		)	(139.3		)	34.9			83.5			(27.0		)
Financing Activities:
Dividend payments to shareholders	(74.3		)	—			—			—			(74.3		)
Dividend payments to parent	—			—			(228.2		)	228.2			—
Repurchase of common stock	(0.9		)	—			—			—			(0.9		)
Repayment of long-term debt and finance lease obligations	—			—			(1.6		)	—			(1.6		)
Net change in short-term debt	—			—			(6.2		)	—			(6.2		)
Debt issuance costs	(2.3		)	—			—			—			(2.3		)
Net intercompany borrowings	109.9			(11.1		)	(12.0		)	(86.8		)	—
Net cash provided by (used in) financing activities	32.4			(11.1		)	(248.0		)	141.4			(85.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			(0.3		)	(0.6		)	—			(0.9		)
Net change in cash, cash equivalents and restricted cash	—			—			(25.8		)	—			(25.8		)
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 year	$	—		$	0.3		$	125.8		$	—		$	126.1

Condensed Consolidating Statement of Cash Flows



	Year ended December 29, 2018
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash (used in) provided by operating activities	$	(41.6	)	$	152.4		$	319.1		$	(297.9	)	$	132.0
Investing Activities:
Capital expenditures	—			(29.1		)	(46.3		)	—			(75.4		)
Proceeds from disposal of property, plant and equipment	—			—			40.7			—			40.7
Net intercompany loans	(98.8		)	(315.6		)	(190.4		)	604.8			—
Net cash used in investing activities	(98.8		)	(344.7		)	(196.0		)	604.8			(34.7		)
Financing Activities:
Dividend payments to shareholders	(137.8		)	—			—			—			(137.8		)
Dividend payments to parent	—			—			(288.3		)	288.3			—
Proceeds from exercise of stock options	0.3			—			—			—			0.3
Repurchase of common stock	(101.7		)	—			—			—			(101.7		)
Repayment of long-term debt and capital lease obligations	—			—			(1.9		)	—			(1.9		)
Net change in short-term debt	62.1			—			100.0			—			162.1
Net intercompany borrowings	317.5			192.5			85.2			(595.2		)	—
Net cash provided by (used in) financing activities	140.4			192.5			(105.0		)	(306.9		)	(79.0		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			(13.6		)	—			(13.6		)
Net change in cash, cash equivalents and restricted cash	—			0.2			4.5			—			4.7
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 year	$	—		$	0.3		$	151.6		$	—		$	151.9

Condensed Consolidating Statement of Cash Flows



	Year ended December 30, 2017
(In millions)	Parent			Guarantor			Non-Guarantors			Eliminations			Total
Operating Activities:
Net cash (used in) provided by operating activities	$	(32.7	)	$	(40.1	)	$	311.1		$	(20.9	)	$	217.4
Investing Activities:
Capital expenditures	—			(18.1		)	(54.2		)	—			(72.3		)
Proceeds from disposal of property, plant and equipment	—			—			14.7			—			14.7
Net intercompany loans	(7.5		)	(174.1		)	(226.4		)	408.0			—
Net cash used in investing activities	(7.5		)	(192.2		)	(265.9		)	408.0			(57.6		)
Financing Activities:
Dividend payments to shareholders	(139.5		)	—			—			—			(139.5		)
Dividend payments to parent	—			—			(21.0		)	21.0			—
Proceeds from exercise of stock options	11.8			—			—			—			11.8
Repurchase of common stock	(2.5		)	—			—			—			(2.5		)
Repayment of long-term debt and capital lease obligations	—			—			(2.0		)	—			(2.0		)
Net change in short-term debt	15.8			—			(0.2		)	—			15.6
Net intercompany borrowings	154.6			231.9			21.6			(408.1		)	—
Net cash provided by (used in) financing activities	40.2			231.9			(1.6		)	(387.1		)	(116.6		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			8.0			—			8.0
Net change in cash, cash equivalents and restricted cash	—			(0.4		)	51.6			—			51.2
Cash, cash equivalents and restricted cash at beginning of year	—			0.5			95.5			—			96.0
Cash, cash equivalents and restricted cash at end of year	$	—		$	0.1		$	147.1		$	—		$	147.2