Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Financial Statements (Tables) [Abstract]

Condensed Consolidating Financial Statements

						Non-
				Guarantor		Guarantor
	Parent			Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	0.2		$	27.5	$	48.8	$	—		$	76.5
Restricted cash		—			—		0.5		—			0.5
Accounts and notes receivable, net		(799.3	)		897.3		429.4		(2.0	)		525.4
Inventories, net		—			330.4		135.2		(5.5	)		460.1
Deferred income taxes, net		8.1			30.7		9.5		(4.3	)		44.0
Other assets		27.3			21.6		117.3		(107.3	)		58.9
Total current assets		(763.7	)		1,307.5		740.7		(119.1	)		1,165.4
PROPERTY, PLANT AND EQUIPMENT, net		—			263.0		84.1		(0.1	)		347.0
GOODWILL		—			111.7		214.2		—			325.9
DEFERRED INCOME TAXES		(3.0	)		80.1		23.3		(13.1	)		87.3
OTHER ASSETS, net		2,097.0			526.6		34.5		(2,564.7	)		93.4
TOTAL ASSETS	$	1,330.3		$	2,288.9	$	1,096.8	$	(2,697.0	)	$	2,019.0

					Non-
			Guarantor		Guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term debt	$	64.2	$	—	$	6.9	$	(64.4	)	$	6.7
Current maturities of long-term debt		—		0.4		—		—			0.4
Accounts payable		9.6		250.6		102.9		8.7			371.8
Accrued expenses		7.1		217.6		103.8		(28.9	)		299.6
Income taxes payable		13.6		2.3		1.7		(17.6	)		—
Total current liabilities		94.5		470.9		215.3		(102.2	)		678.5
LONG-TERM DEBT		554.0		16.8		111.2		(111.2	)		570.8
POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS		—		15.7		—		—			15.7
PENSIONS		—		79.1		9.9		—			89.0
OTHER LIABILITIES		6.6		55.4		16.6		(14.6	)		64.0
Total liabilities		655.1		637.9		353.0		(228.0	)		1,418.0
COMMITMENTS AND CONTINGENCIES
TOTAL STOCKHOLDERS’ EQUITY		675.2		1,651.0		743.8		(2,469.0	)		601.0
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,330.3	$	2,288.9	$	1,096.8	$	(2,697.0	)	$	2,019.0

							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	744.9		$	243.9		$	(51.8	)	$	937.0
COST OF GOODS SOLD		0.1			556.7			184.2			(51.6	)		689.4
Gross profit		(0.1	)		188.2			59.7			(0.2	)		247.6
OPERATING EXPENSES:
Selling, general and administrative expenses		—			130.7			44.4			0.1			175.2
Losses (gains) and other expenses, net		1.3			(0.3	)		(0.2	)		0.1			0.9
Restructuring charges		—			2.5			(0.1	)		—			2.4
(Income) loss from equity method investments		(55.1	)		(6.8	)		(2.6	)		61.1			(3.4	)
Operational income (loss) from continuing operations		53.7			62.1			18.2			(61.5	)		72.5
INTEREST EXPENSE, net		4.0			(1.0	)		1.2			0.1			4.3
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		49.7			63.1			16.9			(61.6	)		68.1
(BENEFIT FROM) PROVISIONS FOR INCOME TAXES		(1.7	)		19.5			5.3			—			23.1
Net income (loss)	$	51.4		$	43.6		$	11.6		$	(61.6	)	$	45.0

							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	1,260.8		$	460.4		$	(96.5	)	$	1,624.7
COST OF GOODS SOLD		0.1			959.5			349.6			(97.2	)		1,212.0
Gross profit		(0.1	)		301.3			110.8			0.7			412.7
OPERATING EXPENSES:
Selling, general and administrative expenses		—			258.4			90.5			—			348.9
Losses (gains) and other expenses, net		2.2			(1.2	)		(0.4	)		—			0.6
Restructuring charges		—			3.2			0.4			—			3.6
(Income) loss from equity method investments		(48.9	)		(5.7	)		(4.9	)		53.6			(5.9	)
Operational income (loss) from continuing operations		46.6			46.6			25.2			(52.9	)		65.5
INTEREST EXPENSE, net		8.0			(1.8	)		2.2			—			8.4
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		38.6			48.4			22.9			(52.9	)		57.0
(BENEFIT FROM) PROVISIONS FOR INCOME TAXES		(3.5	)		14.5			7.9			0.3			19.2
Net income (loss)	$	42.1		$	33.9		$	15.0		$	(53.2	)	$	37.8

						Non-
				Guarantor		Guarantor
	Parent			Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	81.1		$	14.7	$	64.2	$	—		$	160.0
Restricted cash		—			—		12.2		—			12.2
Accounts and notes receivable, net		(1,169.7	)		933.3		613.2		8.0			384.8
Inventories, net		—			163.7		128.7		(6.2	)		286.2
Deferred income taxes, net		—			27.6		12.1		(3.0	)		36.7
Other assets		19.3			21.0		121.2		(94.5	)		67.0
Total current assets		(1,069.3	)		1,160.3		951.6		(95.7	)		946.9
PROPERTY, PLANT AND EQUIPMENT, net		—			202.8		121.6		(0.1	)		324.3
GOODWILL		—			50.8		225.8		(4.8	)		271.8
DEFERRED INCOME TAXES		—			77.3		22.6		(12.7	)		87.2
OTHER ASSETS, net		2,068.3			415.6		51.8		(2,473.9	)		61.8
TOTAL ASSETS	$	999.0		$	1,906.8	$	1,373.4	$	(2,587.2	)	$	1,692.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term debt	$	31.1		$	—	$	1.8	$	(31.5	)	$	1.4
Current maturities of long-term debt		—			0.2		0.4		—			0.6
Accounts payable		8.1			133.1		131.0		1.6			273.8
Accrued expenses		6.6			262.0		115.5		(49.6	)		334.5
Income taxes payable		(36.1	)		30.6		28.3		(17.5	)		5.3
Total current liabilities		9.7			425.9		277.0		(97.0	)		615.6
LONG-TERM DEBT		300.0			5.4		139.6		(128.0	)		317.0
POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS		—			15.9		—		—			15.9
PENSIONS		—			77.4		10.7		—			88.1
OTHER LIABILITIES		5.8			46.8		25.9		(12.8	)		65.7
Total liabilities		315.5			571.4		453.2		(237.8	)		1,102.3
COMMITMENTS AND CONTINGENCIES
TOTAL STOCKHOLDERS’ EQUITY		683.5			1,335.4		920.2		(2,349.4	)		589.7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	999.0		$	1,906.8	$	1,373.4	$	(2,587.2	)	$	1,692.0

							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	614.3		$	329.9		$	(72.1	)	$	872.1
COST OF GOODS SOLD		0.1			434.8			244.6			(72.1	)		607.4
Gross profit		(0.1	)		179.5			85.3			—			264.7
OPERATING EXPENSES:
Selling, general and administrative expenses		—			130.9			49.6			—			180.5
Losses (gains) and other expenses, net		1.6			4.6			(0.5	)		0.1			5.8
Restructuring charges		—			1.2			2.1			(0.1	)		3.2
(Income) loss from equity method investments		(56.0	)		(6.4	)		(4.1	)		62.4			(4.1	)
Operational
income (loss) from continuing operations		54.3			49.2			38.2			(62.4	)		79.3
INTEREST EXPENSE, net		0.3			1.9			0.9			—			3.1
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		54.0			47.3			37.2			(62.4	)		76.1
(BENEFIT FROM) PROVISIONS FOR INCOME TAXES		(0.8	)		15.1			13.0			0.1			27.4
Income (loss) from continuing operations		54.8			32.2			24.2			(62.5	)		48.7
Loss from discontinued operations		—			—			0.4			—			0.4
Net income (loss)	$	54.8		$	32.2		$	23.8		$	(62.5	)	$	48.3

							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	1,043.7		$	604.1		$	(131.6	)	$	1,516.2
COST OF GOODS SOLD		0.1			757.5			451.1			(131.6	)		1,077.1
Gross profit		(0.1	)		286.2			153.0			—			439.1
OPERATING EXPENSES:
Selling, general and administrative expenses		—			247.3			102.2			0.1			349.6
Losses (gains) and other expenses, net		1.4			4.5			(0.5	)		0.1			5.5
Restructuring charges		—			3.2			7.2			(0.1	)		10.3
(Income) loss from equity method investments		(51.2	)		(3.5	)		(6.1	)		54.7			(6.1	)
Operational income (loss) from continuing operations		49.7			34.7			50.2			(54.8	)		79.8
INTEREST EXPENSE, net		—			3.8			1.8			—			5.6
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		49.7			30.9			48.3			(54.8	)		74.1
(BENEFIT FROM) PROVISIONS FOR INCOME TAXES		(0.6	)		10.1			17.1			0.1			26.7
Income (loss) from continuing operations		50.3			20.8			31.2			(54.9	)		47.4
Loss from discontinued operations		—			—			0.7			—			0.7
Net income (loss)	$	50.3		$	20.8		$	30.5		$	(54.9	)	$	46.7

							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51.0		$	(184.9	)	$	(8.5	)	$	—	$	(142.4	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			0.7			0.2			—		0.9
Purchases of property, plant and equipment		—			(16.4	)		(2.2	)		—		(18.6	)
Proceeds from sale of business		—			—			0.6			—		0.6
Acquisition of business		—			(139.8	)		(7.9	)		—		(147.7	)
Restricted cash		—			—			11.7			—		11.7
Net cash used in investing activities		—			(155.5	)		2.4			—		(153.1	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowings, net		—			—			5.1			—		5.1
Asset securitization borrowings		—			—			80.0			—		80.0
Asset securitization payments		—			—			(80.0	)		—		(80.0	)
Long-term payments		—			(0.4	)		—			—		(0.4	)
Revolver long-term borrowings		683.0			—			—			—		683.0
Revolver long-term payments		(429.0	)		—			—			—		(429.0	)
Proceeds from stock option exercises		1.3			—			—			—		1.3
Repurchases of common stock		(36.5	)		—			—			—		(36.5	)
Excess tax benefits related to share-based payments		1.5			—			—			—		1.5
Intercompany debt		35.8			(11.6	)		(24.2	)		—		—
Intercompany financing activity		(370.3	)		365.2			5.1			—		—
Cash dividends paid		(17.7	)		—			—			—		(17.7	)
Net cash (used in) provided by financing activities		(131.9	)		353.2			(14.0	)		—		207.3
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(80.9	)		12.8			(20.1	)		—		(88.2	)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			4.7			—		4.7
CASH AND CASH EQUIVALENTS, beginning of year		81.1			14.7			64.2			—		160.0
CASH AND CASH EQUIVALENTS, end of year	$	0.2		$	27.5		$	48.8		$	—	$	76.5

							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	26.9		$	2.7		$	(55.6	)	$	—	$	(26.0	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			—			0.1			—		0.1
Purchases of property, plant and equipment		—			(15.7	)		(4.0	)		—		(19.7	)
Proceeds from sale of business		—			0.1			3.4			—		3.5
Acquisition of business		—			(6.4	)		—			—		(6.4	)
Restricted cash		—			—			(23.8	)		—		(23.8	)
Net cash used in investing activities		—			(22.0	)		(24.3	)		—		(46.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowings, net		—			—			4.2			—		4.2
Long-term payments		(35.0	)		—			(0.3	)		—		(35.3	)
Issuance of senior unsecured notes		199.8			—			—			—		199.8
Revolver long-term borrowings		579.5			—			—			—		579.5
Revolver long-term payments		(624.0	)		—			—			—		(624.0	)
Additional investment in affiliates		—			—			(1.0	)		—		(1.0	)
Proceeds from stock option exercises		1.4			—			—			—		1.4
Payments of deferred financing costs		(1.7	)		—			—			—		(1.7	)
Repurchases of common stock		(99.5	)		—			—			—		(99.5	)
Excess tax benefits related to share-based payments		2.6			—			—			—		2.6
Intercompany debt		(14.8	)		8.4			6.4			—		—
Intercompany financing activity		(19.6	)		23.6			(4.0	)		—		—
Intercompany investments		(7.9	)		—			7.9			—		—
Intercompany dividends		9.0			—			(9.0	)		—		—
Cash dividends paid		(16.2	)		—			—			—		(16.2	)
Net cash (used in) provided by financing activities		(26.4	)		32.0			4.2			—		9.8
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0.5			12.7			(75.7	)		—		(62.5	)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			0.1			—		0.1
CASH AND CASH EQUIVALENTS, beginning of year		0.8			6.6			116.9			—		124.3
CASH AND CASH EQUIVALENTS, end of year	$	1.3		$	19.3		$	41.3		$	—	$	61.9