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Guarantor Information (Tables)
 3 Months Ended
Mar. 28, 2020
Guarantor Information [Abstract]  
Consolidating Statement of Income

Consolidating Statement of Income
 
13 weeks ended March 28, 2020
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$
—

 
$
—

 
$
376.7

 
$
(0.8
)
 
$
375.9

Other revenue
—

 
19.6

 
6.2

 
(25.8
)
 
—

Cost of products sold
—

 
6.2

 
150.0

 
(26.5
)
 
129.7

Gross margin
—

 
13.4

 
232.9

 
(0.1
)
 
246.2

Delivery, sales and administrative expense
1.8

 
32.4

 
208.8

 
(0.1
)
 
242.9

Re-engineering charges
—

 
2.5

 
1.4

 
—

 
3.9

Loss on disposal of assets
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Operating income (loss)
(1.8
)
 
(21.5
)
 
22.6

 
—

 
(0.7
)
Interest income
4.7

 
0.5

 
7.0

 
(11.7
)
 
0.5

Interest expense
9.5

 
10.0

 
2.4

 
(11.7
)
 
10.2

(Loss) Income from equity investments in subsidiaries
(0.7
)
 
0.8

 
—

 
(0.1
)
 
—

Other expense (income)
—

 
(29.6
)
 
27.5

 
—

 
(2.1
)
Income (Loss) before income taxes
(7.3
)
 
(0.6
)
 
(0.3
)
 
(0.1
)
 
(8.3
)
Provision (benefit) for income taxes
0.5

 
0.1

 
(1.1
)
 
—

 
(0.5
)
Net income (loss)
$
(7.8
)
 
$
(0.7
)
 
$
0.8

 
$
(0.1
)
 
$
(7.8
)
Comprehensive loss
$
(89.3
)
 
$
(82.9
)
 
$
(123.8
)
 
$
206.7

 
$
(89.3
)

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 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 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
$
55.9

 
$
57.6

 
$
93.0

 
$
(150.6
)
 
$
55.9
Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
 
March 28, 2020
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
3.9

 
$
170.6

 
$
—

 
$
174.5

Accounts receivable, net
—

 
—

 
97.5

 
—

 
97.5

Inventories
—

 
—

 
226.0

 
—

 
226.0

Non-trade amounts receivable, net
—

 
214.7

 
118.0

 
(213.8
)
 
118.9

Intercompany receivables
325.9

 
1,495.2

 
207.0

 
(2,028.1
)
 
—

Prepaid expenses and other current assets
0.8

 
17.0

 
41.4

 
(38.5
)
 
20.7

Total current assets
326.7

 
1,730.8

 
860.5

 
(2,280.4
)
 
637.6

Deferred income tax benefits, net
41.7

 
42.2

 
89.0

 
(3.7
)
 
169.2

Property, plant and equipment, net
—

 
84.8

 
156.8

 
—

 
241.6

Operating lease assets
—

 
4.5

 
75.9

 
—

 
80.4

Long-term receivables, net
—

 
0.1

 
13.0

 
—

 
13.1

Trademarks and tradenames, net
—

 
—

 
21.5

 
—

 
21.5

Goodwill
—

 
2.9

 
50.7

 
—

 
53.6

Investments in subsidiaries
1,221.8

 
1,083.8

 
—

 
(2,305.6
)
 
—

Intercompany loan receivables
512.3

 
82.6

 
963.4

 
(1,558.3
)
 
—

Other assets, net
3.3

 
10.5

 
142.0

 
(77.6
)
 
78.2

Total assets
$
2,105.8

 
$
3,042.2

 
$
2,372.8

 
$
(6,225.6
)
 
$
1,295.2

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$
—

 
$
3.5

 
$
76.9

 
$
—

 
$
80.4

Short-term borrowings and current portion of long-term debt and finance lease obligations
230.8

 
—

 
158.9

 
—

 
389.7

Intercompany payables
1,391.6

 
403.3

 
233.2

 
(2,028.1
)
 
—

Accrued liabilities
246.4

 
101.4

 
264.3

 
(252.3
)
 
359.8

Total current liabilities
1,868.8

 
508.2

 
733.3

 
(2,280.4
)
 
829.9

Long-term debt and finance lease obligations
599.8

 
—

 
2.0

 
—

 
601.8

Intercompany notes payable
—

 
1,282.5

 
275.8

 
(1,558.3
)
 
—

Operating lease liabilities
—

 
3.8

 
49.9

 
—

 
53.7

Other liabilities
1.2

 
106.1

 
147.8

 
(81.3
)
 
173.8

Shareholders' (deficit) equity
(364.0
)
 
1,141.6

 
1,164.0

 
(2,305.6
)
 
(364.0
)
Total liabilities and shareholders' equity
$
2,105.8

 
$
3,042.2

 
$
2,372.8

 
$
(6,225.6
)
 
$
1,295.2



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

Property, plant and equipment, net
—

 
85.7

 
181.8

 
—

 
267.5

Operating lease assets
—

 
4.7

 
79.4

 
—

 
84.1

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 loan receivables
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 Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
 
13 weeks ended March 28, 2020
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
2.9

 
$
16.1

 
$
(98.8
)
 
$
32.8

 
$
(47.0
)
Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(5.2
)
 
(3.0
)
 
—

 
(8.2
)
Proceeds from disposal of property, plant and equipment
—

 
—

 
0.5

 
—

 
0.5

Net intercompany loans
2.5

 
67.0

 
83.9

 
(153.4
)
 
—

Net cash provided by (used in) investing activities
2.5

 
61.8

 
81.4

 
(153.4
)
 
(7.7
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to parent
—

 
—

 
(1.9
)
 
1.9

 
—

Repayment of finance lease obligations
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Net change in short-term debt
45.9

 
—

 
75.1

 
—

 
121.0

Debt issuance costs
(1.7
)
 
—

 
—

 
—

 
(1.7
)
Net intercompany borrowings
(49.6
)
 
(74.3
)
 
5.2

 
118.7

 
—

Net cash (used in) provided by financing activities
(5.4
)
 
(74.3
)
 
78.1

 
120.6

 
119.0

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

 
—

 
(12.4
)
 
—

 
(12.4
)
Net change in cash, cash equivalents and restricted cash
—

 
3.6

 
48.3

 
—

 
51.9

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

 
0.3

 
125.8

 
—

 
126.1

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

 
$
3.9

 
$
174.1

 
$
—

 
$
178.0




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

 
—

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 costs
(1.3
)
 
—

 
—

 
—

 
(1.3
)
Net intercompany borrowings
(54.7
)
 
69.3

 
(26.3
)
 
11.7

 
—

Net cash (used in) provided by 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