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Condensed Consolidating Financial Statements (Tables)
12 Months Ended
Dec. 31, 2012
Condensed Consolidating Financial Statements [Abstract]  
Condensed Consolidating Financial Statements
Condensed consolidating financial statements of the Company, its Guarantor Subsidiaries and Non-Guarantor Subsidiaries as of December 31, 2012 and December 31, 2011 and for the years ended December 31, 2012, 2011 and 2010 are shown on the following pages:
Condensed Consolidating Balance Sheets
As of December 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1.0

 
$
13.4

 
$
37.4

 
$
—

 
$
51.8

Accounts and notes receivable, net
(1,178.0
)
 
1,076.0

 
427.2

 
48.2

 
373.4

Inventories, net
—

 
257.3

 
121.5

 
(4.0
)
 
374.8

Deferred income taxes, net
—

 
22.9

 
6.3

 
(1.7
)
 
27.5

Other assets
(0.6
)
 
23.8

 
97.5

 
(59.7
)
 
61.0

Assets of discontinued operations
—

 
21.2

 
77.4

 
—

 
98.6

Total current assets
(1,177.6
)
 
1,414.6

 
767.3

 
(17.2
)
 
987.1

Property, plant and equipment, net
—

 
239.7

 
58.5

 
—

 
298.2

Goodwill
—

 
131.8

 
92.0

 
—

 
223.8

Deferred income taxes
—

 
87.8

 
20.8

 
(5.8
)
 
102.8

Other assets, net(1)
2,176.3

 
488.5

 
30.3

 
(2,615.1
)
 
80.0

Total assets
$
998.7

 
$
2,362.4

 
$
968.9

 
$
(2,638.1
)
 
$
1,691.9

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
101.9

 
$
—

 
$
(51.0
)
 
$
(16.0
)
 
$
34.9

Current maturities of long-term debt
—

 
0.5

 
0.2

 
—

 
0.7

Accounts payable
—

 
133.7

 
92.0

 
59.0

 
284.7

Accrued expenses
2.5

 
196.6

 
60.8

 
(0.3
)
 
259.6

Income taxes payable
(27.3
)
 
35.1

 
38.5

 
(41.8
)
 
4.5

Liabilities of discontinued operations
—

 
42.3

 
12.9

 
—

 
55.2

Total current liabilities
77.1

 
408.2

 
153.4

 
0.9

 
639.6

Long-term debt
335.0

 
15.6

 
98.7

 
(98.3
)
 
351.0

Post-retirement benefits, other than pensions
—

 
6.1

 
—

 
—

 
6.1

Pensions
—

 
114.7

 
19.7

 
—

 
134.4

Other liabilities
0.5

 
60.1

 
10.6

 
(7.2
)
 
64.0

Total liabilities
412.6

 
604.7

 
282.4

 
(104.6
)
 
1,195.1

Commitments and contingencies

 

 

 

 

Total stockholders' equity
586.1

 
1,757.7

 
686.5

 
(2,533.5
)
 
496.8

Total liabilities and stockholders' equity
$
998.7

 
$
2,362.4

 
$
968.9

 
$
(2,638.1
)
 
$
1,691.9


(1) 
Other assets, net consists primarily of Investments in subsidiaries which eliminate upon consolidation.








Condensed Consolidating Statements of Operations
For the Year Ended December 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
2,327.7

 
$
824.0

 
$
(202.3
)
 
$
2,949.4

Cost of goods sold
0.2

 
1,799.6

 
629.2

 
(201.9
)
 
2,227.1

Gross profit
(0.2
)
 
528.1

 
194.8

 
(0.4
)
 
722.3

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
374.3

 
132.7

 
—

 
507.0

Losses and other expenses, net
(1.7
)
 
1.1

 
3.2

 
(0.1
)
 
2.5

Restructuring charges
—

 
2.8

 
1.4

 
—

 
4.2

Income from equity method investments
(116.3
)
 
(17.0
)
 
(7.8
)
 
130.6

 
(10.5
)
Operational income from continuing operations
117.8

 
166.9

 
65.3

 
(130.9
)
 
219.1

Interest expense, net
16.6

 
(2.4
)
 
2.9

 
—

 
17.1

Other expense, net
—

 
—

 
0.3

 
—

 
0.3

Income from continuing operations before income taxes
101.2

 
169.3

 
62.1

 
(130.9
)
 
201.7

Provision for income taxes
(4.9
)
 
50.5

 
21.2

 
(0.1
)
 
66.7

Income from continuing operations
106.1

 
118.8

 
40.9

 
(130.8
)
 
135.0

Loss from discontinued operations
—

 
(18.5
)
 
(26.5
)
 
—

 
(45.0
)
Net income
$
106.1

 
$
100.3

 
$
14.4

 
$
(130.8
)
 
$
90.0

Other comprehensive income
$
6.7

 
$
(2.8
)
 
$
5.2

 
$
5.7

 
$
14.8


Condensed Consolidating Balance Sheets
As of December 31, 2011
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1.0

 
$
9.7

 
$
34.3

 
$
—

 
$
45.0

Accounts and notes receivable, net
(991.9
)
 
944.5

 
413.8

 
20.6

 
387.0

Inventories, net
—

 
217.1

 
105.5

 
(4.7
)
 
317.9

Deferred income taxes, net
4.7

 
22.0

 
8.4

 
(1.3
)
 
33.8

Other assets
1.6

 
16.6

 
111.0

 
(60.7
)
 
68.5

Assets of discontinued operations
—

 
29.1

 
131.4

 
—

 
160.5

Total current assets
(984.6
)
 
1,239.0

 
804.4

 
(46.1
)
 
1,012.7

Property, plant and equipment, net
—

 
248.2

 
52.5

 
—

 
300.7

Goodwill
—

 
131.7

 
91.5

 
—

 
223.2

Deferred income taxes
0.2

 
82.0

 
18.2

 
(9.7
)
 
90.7

Other assets, net(1)
2,174.6

 
531.2

 
22.2

 
(2,649.6
)
 
78.4

Total assets
$
1,190.2

 
$
2,232.1

 
$
988.8

 
$
(2,705.4
)
 
$
1,705.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
112.1

 
$
—

 
$
(67.3
)
 
$
(40.1
)
 
$
4.7

Current maturities of long-term debt
—

 
0.6

 
0.2

 
—

 
0.8

Accounts payable
9.2

 
120.9

 
93.4

 
31.4

 
254.9

Accrued expenses
15.3

 
146.7

 
77.4

 
—

 
239.4

Income taxes payable
(29.9
)
 
28.4

 
27.4

 
(20.2
)
 
5.7

Liabilities of discontinued operations
—

 
54.8

 
16.8

 
—

 
71.6

Total current liabilities
106.7

 
351.4

 
147.9

 
(28.9
)
 
577.1

Long-term debt
443.0

 
16.2

 
97.3

 
(96.9
)
 
459.6

Post-retirement benefits, other than pensions
—

 
18.6

 
—

 
—

 
18.6

Pensions
—

 
111.9

 
12.8

 
—

 
124.7

Other liabilities
0.8

 
54.8

 
13.3

 
(11.0
)
 
57.9

Total liabilities
550.5

 
552.9

 
271.3

 
(136.8
)
 
1,237.9

Commitments and contingencies

 

 

 

 

Total stockholders' equity
639.7

 
1,679.2

 
717.5

 
(2,568.6
)
 
467.8

Total liabilities and stockholders' equity
$
1,190.2

 
$
2,232.1

 
$
988.8

 
$
(2,705.4
)
 
$
1,705.7


(1) 
Other assets, net consists primarily of Investments in subsidiaries which eliminate upon consolidation.

Condensed Consolidating Statements of Operations
For the Year Ended December 31, 2011
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
2,190.1

 
$
850.1

 
$
(199.3
)
 
$
2,840.9

Cost of goods sold
0.2

 
1,721.0

 
650.6

 
(200.8
)
 
2,171.0

Gross profit
(0.2
)
 
469.1

 
199.5

 
1.5

 
669.9

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
327.0

 
149.9

 
—

 
476.9

Losses and other expenses, net
12.1

 
1.4

 
(7.8
)
 
—

 
5.7

Restructuring charges
—

 
10.8

 
1.7

 
—

 
12.5

Income from equity method investments
(135.3
)
 
(31.2
)
 
(7.1
)
 
164.0

 
(9.6
)
Operational income from continuing operations
123.0

 
161.1

 
62.8

 
(162.5
)
 
184.4

Interest expense, net
16.8

 
(4.0
)
 
4.0

 
—

 
16.8

Other expense, net
—

 
—

 
0.3

 
—

 
0.3

Income from continuing operations before income taxes
106.2

 
165.1

 
58.5

 
(162.5
)
 
167.3

Provision for income taxes
(9.8
)
 
46.0

 
19.1

 
0.5

 
55.8

Income from continuing operations
116.0

 
119.1

 
39.4

 
(163.0
)
 
111.5

Loss from discontinued operations
—

 
(29.8
)
 
6.6

 
—

 
(23.2
)
Net income
$
116.0

 
$
89.3

 
$
46.0

 
$
(163.0
)
 
$
88.3

Other comprehensive income
$
(16.9
)
 
$
(22.4
)
 
$
(27.3
)
 
$
(0.7
)
 
$
(67.3
)
Condensed Consolidating Statements of Operations
For the Year Ended December 31, 2010
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
1,671.5

 
$
1,070.2

 
$
(156.5
)
 
$
2,585.2

Cost of goods sold
0.2

 
1,234.9

 
799.1

 
(150.2
)
 
1,884.0

Gross profit
(0.2
)
 
436.6

 
271.1

 
(6.3
)
 
701.2

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
321.5

 
166.0

 
4.5

 
492.0

Losses and other expenses, net
(0.6
)
 
4.6

 
4.4

 
(5.0
)
 
3.4

Restructuring charges
—

 
1.5

 
9.9

 
—

 
11.4

Income from equity method investments
(138.8
)
 
(11.8
)
 
(10.1
)
 
150.6

 
(10.1
)
Operational income from continuing operations
139.2

 
120.8

 
100.9

 
(156.4
)
 
204.5

Interest expense, net
12.4

 
(3.0
)
 
3.8

 
(0.4
)
 
12.8

Other expense, net
—

 
—

 
1.0

 
—

 
1.0

Income from continuing operations before income taxes
126.8

 
123.8

 
96.1

 
(156.0
)
 
190.7

Provision for income taxes
(4.4
)
 
37.8

 
24.8

 
6.6

 
64.8

Income from continuing operations
131.2

 
86.0

 
71.3

 
(162.6
)
 
125.9

Loss from discontinued operations
—

 
(15.8
)
 
(2.7
)
 
8.8

 
(9.7
)
Net income
$
131.2

 
$
70.2

 
$
68.6

 
$
(153.8
)
 
$
116.2

Other comprehensive income
$
5.7

 
$
(1.5
)
 
$
25.3

 
$
1.5

 
$
31.0

Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
20.7

 
$
207.3

 
$
(6.6
)
 
$
—

 
$
221.4

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the disposal of property, plant and equipment
—

 
0.1

 
—

 
—

 
0.1

Purchases of property, plant and equipment
—

 
(37.7
)
 
(12.5
)
 
—

 
(50.2
)
Net proceeds from sale of businesses
—

 
10.1

 
—

 
—

 
10.1

Net cash used in discontinued operations
—

 
(0.5
)
 
0.1

 
—

 
(0.4
)
Net cash used in investing activities
—

 
(28.0
)
 
(12.4
)
 
—

 
(40.4
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Short-term borrowings, net
—

 
—

 
0.2

 
—

 
0.2

Asset securitization borrowings
—

 
—

 
645.0

 
—

 
645.0

Asset securitization payments
—

 
—

 
(615.0
)
 
—

 
(615.0
)
Long-term debt payments
—

 
(0.7
)
 
(0.4
)
 
—

 
(1.1
)
Borrowings from revolving credit facility
967.0

 
—

 
—

 
—

 
967.0

Payments on revolving credit facility
(1,075.0
)
 
—

 
—

 
—

 
(1,075.0
)
Proceeds from stock option exercises
0.8

 
—

 
—

 
—

 
0.8

Repurchases of common stock
(57.9
)
 
—

 
—

 
—

 
(57.9
)
Excess tax benefits related to share-based payments
3.5

 
—

 
—

 
—

 
3.5

Intercompany debt
2.4

 
(4.0
)
 
1.6

 
—

 
—

Intercompany financing activity
186.1

 
(170.9
)
 
(15.2
)
 
—

 
—

Cash dividends paid
(47.6
)
 
—

 
—

 
—

 
(47.6
)
Net cash (used in) provided by financing activities
(20.7
)
 
(175.6
)
 
16.2

 
—

 
(180.1
)
Increase in cash and cash equivalents
—

 
3.7

 
(2.8
)
 
—

 
0.9

Effect of exchange rates on cash and cash equivalents
—

 
—

 
5.9

 
—

 
5.9

Cash and cash equivalents, beginning of year
1.0

 
9.7

 
34.3

 
—

 
45.0

Cash and cash equivalents, end of year
$
1.0

 
$
13.4

 
$
37.4

 
$
—

 
$
51.8

Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2011
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
(2.6
)
 
$
18.0

 
$
60.8

 
$
—

 
$
76.2

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the disposal of property, plant and equipment
—

 
0.1

 
0.1

 
—

 
0.2

Purchases of property, plant and equipment
—

 
(34.2
)
 
(7.2
)
 
—

 
(41.4
)
Net proceeds from sale of businesses
—

 
—

 
0.6

 
—

 
0.6

Acquisition of businesses
—

 
(147.7
)
 
—

 
—

 
(147.7
)
Change in restricted cash
—

 
—

 
12.2

 
—

 
12.2

Net cash used in discontinued operations
—

 
(1.5
)
 
(0.2
)
 
—

 
(1.7
)
Net cash used in investing activities
—

 
(183.3
)
 
5.5

 
—

 
(177.8
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Short-term borrowings, net
—

 
—

 
3.8

 
—

 
3.8

Asset securitization borrowings
—

 
—

 
345.0

 
—

 
345.0

Asset securitization payments
—

 
—

 
(345.0
)
 
—

 
(345.0
)
Long-term debt payments
—

 
(0.8
)
 
(0.1
)
 
—

 
(0.9
)
Borrowings from revolving credit facility
1,539.5

 
—

 
—

 
—

 
1,539.5

Payments on revolving credit facility
(1,396.5
)
 
—

 
—

 
—

 
(1,396.5
)
Proceeds from stock option exercises
2.5

 
—

 
—

 
—

 
2.5

Payments of deferred financing costs
(2.2
)
 
—

 
—

 
—

 
(2.2
)
Repurchases of common stock
(123.0
)
 
—

 
—

 
—

 
(123.0
)
Excess tax benefits related to share-based payments
1.4

 
—

 
—

 
—

 
1.4

Intercompany debt
115.1

 
(8.1
)
 
(107.0
)
 
—

 
—

Intercompany financing activity
(177.8
)
 
169.2

 
8.6

 
—

 
—

Cash dividends paid
(36.5
)
 
—

 
—

 
—

 
(36.5
)
Net cash used in financing activities
(77.5
)
 
160.3

 
(94.7
)
 
—

 
(11.9
)
Decrease in cash and cash equivalents
(80.1
)
 
(5.0
)
 
(28.4
)
 
—

 
(113.5
)
Effect of exchange rates on cash and cash equivalents
—

 
—

 
(1.5
)
 
—

 
(1.5
)
Cash and cash equivalents, beginning of year
81.1

 
14.7

 
64.2

 
—

 
160.0

Cash and cash equivalents, end of year
$
1.0

 
$
9.7

 
$
34.3

 
$
—

 
$
45.0