Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Balance Sheet Statements, Captions [Line Items]

Condensed Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheets

As of December 31, 2013

(In millions)

	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	1.1		$	10.5	$	26.4		$	—		$	38.0
Accounts and notes receivable, net	—			12.8		395.3			—			408.1
Inventories, net	—			253.6		128.4			(3.2		)	378.8
Deferred income taxes, net	0.9			21.2		5.7			(3.3		)	24.5
Other assets	3.4			38.4		70.2			(59.0		)	53.0
Assets of discontinued operations	—			—		—			—			—
Total current assets	5.4			336.5		626.0			(65.5		)	902.4
Property, plant and equipment, net	—			246.4		89.1			—			335.5
Goodwill	—			140.4		76.4			—			216.8
Investment in subsidiaries	1,138.8			337.5		(0.6		)	(1,475.7		)	—
Deferred income taxes	—			76.9		20.2			(8.6		)	88.5
Other assets, net	4.2			64.3		16.4			(1.4		)	83.5
Intercompany receivables (payables), net	(460.6		)	434.0		26.6			—			—
Total assets	$	687.8		$	1,636.0	$	854.1		$	(1,551.2	)	$	1,626.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	—		$	—	$	165.9		$	—		$	165.9
Current maturities of long-term debt	—			1.0		0.3			—			1.3
Accounts payable	11.8			187.8		83.5			—			283.1
Accrued expenses	3.3			168.4		60.4			—			232.1
Income taxes payable	(30.3		)	75.7		49.9			(63.7		)	31.6
Liabilities of discontinued operations	—			—		—			—			—
Total current liabilities	(15.2		)	432.9		360.0			(63.7		)	714.0
Long-term debt	217.0			15.8		0.4			—			233.2
Post-retirement benefits, other than pensions	—			4.6		—			—			4.6
Pensions	—			58.4		11.6			—			70.0
Other liabilities	0.3			119.4		11.3			(11.8		)	119.2
Total liabilities	202.1			631.1		383.3			(75.5		)	1,141.0
Commitments and contingencies
Total stockholders' equity	485.7			1,004.9		470.8			(1,475.7		)	485.7
Total liabilities and stockholders' equity	$	687.8		$	1,636.0	$	854.1		$	(1,551.2	)	$	1,626.7

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	—			225.8		344.7			(197.1		)	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	2.0			19.7		78.1			(38.8		)	61.0
Assets of discontinued operations	—			25.2		78.4			(5.0		)	98.6
Total current assets	3.0			564.3		666.4			(246.6		)	987.1
Property, plant and equipment, net	—			239.7		58.5			—			298.2
Goodwill	—			131.8		92.0			—			223.8
Investment in subsidiaries	2,179.9			337.0		(0.2		)	(2,516.7		)	—
Deferred income taxes	—			87.8		20.8			(5.8		)	102.8
Other assets, net	3.7			53.0		23.3			—			80.0
Intercompany receivables (payables), net	(1,289.8		)	1,013.6		89.8			186.4			—
Total assets	$	896.8		$	2,427.2	$	950.6		$	(2,582.7	)	$	1,691.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	—		$	—	$	34.9		$	—		$	34.9
Current maturities of long-term debt	—			0.5		0.2			—			0.7
Accounts payable	—			198.6		86.1			—			284.7
Accrued expenses	2.5			157.0		60.8			(0.3		)	220.0
Income taxes payable	(27.3		)	35.0		38.5			(41.7		)	4.5
Liabilities of discontinued operations	—			42.3		12.9			—			55.2
Total current liabilities	(24.8		)	433.4		233.4			(42.0		)	600.0
Long-term debt	335.0			15.6		0.4			—			351.0
Post-retirement benefits, other than pensions	—			6.1		—			—			6.1
Pensions	—			114.7		19.7			—			134.4
Other liabilities	0.5			99.7		9.2			(7.3		)	102.1
Total liabilities	310.7			669.5		262.7			(49.3		)	1,193.6
Commitments and contingencies
Total stockholders' equity	586.1			1,757.7		687.9			(2,533.4		)	498.3
Total liabilities and stockholders' equity	$	896.8		$	2,427.2	$	950.6		$	(2,582.7	)	$	1,691.9

Condensed Income Statement [Table Text Block]

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Year Ended December 31, 2013

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	2,557.9		$	837.0		$	(195.8	)	$	3,199.1
Cost of goods sold	—			1,900.9			632.8			(195.8		)	2,337.9
Gross profit	—			657.0			204.2			—			861.2
Operating expenses:
Selling, general and administrative expenses	—			437.1			133.0			—			570.1
Losses and other expenses, net	1.1			7.9			0.3			—			9.3
Restructuring charges	—			2.9			2.1			—			5.0
Income from equity method investments	(181.7		)	(26.4		)	(9.7		)	205.6			(12.2		)
Operational income from continuing operations	180.6			235.5			78.5			(205.6		)	289.0
Interest expense, net	14.0			(2.1		)	2.6			—			14.5
Other expense, net	—			—			0.2			—			0.2
Income from continuing operations before income taxes	166.6			237.6			75.7			(205.6		)	274.3
Provision for income taxes	(5.2		)	73.7			25.9			—			94.4
Income from continuing operations	171.8			163.9			49.8			(205.6		)	179.9
Loss from discontinued operations	—			—			(8.1		)	—			(8.1		)
Net income	$	171.8		$	163.9		$	41.7		$	(205.6	)	$	171.8
Other comprehensive income (loss)	$	(38.8	)	$	36.3		$	(6.1	)	$	(30.2	)	$	(38.8	)
Comprehensive income	$	133.0		$	200.2		$	35.6		$	(235.8	)	$	133.0

Condensed Consolidating Statements of Operations and Comprehensive Income

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 (loss)	$	6.7		$	(2.8	)	$	5.2		$	5.7		$	14.8
Comprehensive Income	$	112.8		$	97.5		$	19.6		$	(125.1	)	$	104.8

Condensed Consolidating Statements of Operations and Comprehensive Income

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 loss	$	(16.9	)	$	(22.4	)	$	(27.3	)	$	(0.7	)	$	(67.3	)
Comprehensive Income	$	99.1		$	66.9		$	18.7		$	(163.7	)	$	21.0

Condensed Cash Flow Statement [Table Text Block]

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2013

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:	$	(30.4	)	$	328.4		$	(87.7	)	$	—	$	210.3
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	—			2.4			—			—		2.4
Purchases of property, plant and equipment	—			(55.8		)	(22.5		)	—		(78.3		)
Net proceeds from sale of business	5.3			—			3.3			—		8.6
Net cash provided by (used in) in investing activities	5.3			(53.4		)	(19.2		)	—		(67.3		)
Cash flows from financing activities:
Short-term borrowings, net	—			—			2.0			—		2.0
Asset securitization borrowings	—			—			330.0			—		330.0
Asset securitization payments	—			—			(200.0		)	—		(200.0		)
Long-term debt payments	—			(0.7		)	(0.3		)	—		(1.0		)
Borrowings from revolving credit facility	1,425.5			—			—			—		1,425.5
Payments on revolving credit facility	(1,543.5		)	—			—			—		(1,543.5		)
Proceeds from employee stock purchases	1.8			—			—			—		1.8
Additional investment in subsidiary	—			—			(0.5		)	—		(0.5		)
Repurchases of common stock	(125.0		)	—			—			—		(125.0		)
Repurchases of common stock to satisfy employee withholding tax obligations	(12.0		)	—			—			—		(12.0		)
Excess tax benefits related to share-based payments	6.5			—			—			—		6.5
Intercompany debt	(26.8		)	12.3			14.5			—		—
Intercompany financing	332.7			(289.5		)	(43.2		)	—		—
Cash dividends paid	(34.0		)	—			—			—		(34.0		)
Net cash provided by (used in) in financing activities	25.2			(277.9		)	102.5			—		(150.2		)
Increase (decrease) in cash and cash equivalents	0.1			(2.9		)	(4.4		)	—		(7.2		)
Effect of exchange rates on cash and cash equivalents	—			—			(6.6		)	—		(6.6		)
Cash and cash equivalents, beginning of year	1.0			13.4			37.4			—		51.8
Cash and cash equivalents, end of year	$	1.1		$	10.5		$	26.4		$	—	$	38.0

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 business	—			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	(50.1		)	—			—			—		(50.1		)
Repurchases of common stock to satisfy employee withholding tax obligations	(7.8		)	—			—			—		(7.8		)
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 provided by (used in) financing activities	(20.7		)	(175.6		)	16.2			—		(180.1		)
Increase (decrease) 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 provided by (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	(119.7		)	—			—			—		(119.7		)
Repurchases of common stock to satisfy employee withholding tax obligations	(3.3		)	—			—			—		(3.3		)
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 provided by (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