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Condensed Consolidating Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed consolidating balance sheets
Condensed Consolidating Balance Sheets
As of December 31, 2015
(In millions)

 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.5

 
$
7.8

 
$
30.6

 
$
—

 
$
38.9

Accounts and notes receivable, net
—

 
25.9

 
396.9

 
—

 
422.8

Inventories, net
—

 
324.3

 
98.9

 
(4.4
)
 
418.8

Other assets
3.3

 
46.9

 
67.4

 
(59.9
)
 
57.7

Total current assets
3.8

 
404.9

 
593.8

 
(64.3
)
 
938.2

Property, plant and equipment, net
—

 
261.8

 
77.8

 
—

 
339.6

Goodwill
—

 
134.9

 
60.2

 
—

 
195.1

Investment in subsidiaries
879.0

 
337.6

 
(0.6
)
 
(1,216.0
)
 
—

Deferred income taxes
5.4

 
126.6

 
28.4

 
(14.7
)
 
145.7

Other assets, net
4.3

 
38.2

 
20.6

 
(1.5
)
 
61.6

Intercompany receivables (payables), net
(278.6
)
 
253.3

 
25.3

 
—

 
—

Total assets
$
613.9

 
$
1,557.3

 
$
805.5

 
$
(1,296.5
)
 
$
1,680.2

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

 
$
—

 
$
204.1

 
$
—

 
$
204.1

Current maturities of long-term debt
30.0

 
0.8

 
0.4

 
—

 
31.2

Accounts payable
16.1

 
237.9

 
66.1

 
—

 
320.1

Accrued expenses
15.8

 
176.7

 
50.1

 
—

 
242.6

Income taxes payable
(43.0
)
 
106.6

 
37.9

 
(75.5
)
 
26.0

Total current liabilities
18.9

 
522.0

 
358.6

 
(75.5
)
 
824.0

Long-term debt
493.0

 
15.1

 
0.5

 
—

 
508.6

Post-retirement benefits, other than pensions
—

 
4.1

 
—

 
—

 
4.1

Pensions
—

 
111.9

 
8.9

 
—

 
120.8

Other liabilities
0.4

 
114.4

 
10.5

 
(4.2
)
 
121.1

Total liabilities
512.3

 
767.5

 
378.5

 
(79.7
)
 
1,578.6

Commitments and contingencies

 

 

 

 

Total stockholders' equity
101.6

 
789.8

 
427.0

 
(1,216.8
)
 
101.6

Total liabilities and stockholders' equity
$
613.9

 
$
1,557.3

 
$
805.5

 
$
(1,296.5
)
 
$
1,680.2



Condensed Consolidating Balance Sheets
As of December 31, 2014
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1.0

 
$
11.5

 
$
25.0

 
$
—

 
$
37.5

Accounts and notes receivable, net
—

 
12.3

 
409.1

 
—

 
421.4

Inventories, net
—

 
350.6

 
119.7

 
(7.0
)
 
463.3

Other assets
3.6

 
45.7

 
67.2

 
(57.2
)
 
59.3

Total current assets
4.6

 
420.1

 
621.0

 
(64.2
)
 
981.5

Property, plant and equipment, net
—

 
269.0

 
89.6

 
—

 
358.6

Goodwill
—

 
140.4

 
69.0

 
—

 
209.4

Investment in subsidiaries
978.1

 
263.5

 
(0.6
)
 
(1,241.0
)
 
—

Deferred income taxes
3.3

 
118.1

 
23.2

 
(14.6
)
 
130.0

Other assets, net
5.2

 
61.0

 
20.1

 
(1.5
)
 
84.8

Intercompany receivables (payables), net
(280.4
)
 
302.4

 
(22.0
)
 
—

 
—

Total assets
$
710.8

 
$
1,574.5

 
$
800.3

 
$
(1,321.3
)
 
$
1,764.3

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

 
$
—

 
$
226.6

 
$
—

 
$
226.6

Current maturities of long-term debt
22.5

 
1.2

 
0.3

 
—

 
24.0

Accounts payable
13.4

 
237.8

 
73.1

 
—

 
324.3

Accrued expenses
9.0

 
175.5

 
54.5

 
—

 
239.0

Income taxes payable
(3.7
)
 
34.7

 
47.5

 
(65.1
)
 
13.4

Total current liabilities
41.2

 
449.2

 
402.0

 
(65.1
)
 
827.3

Long-term debt
659.5

 
15.3

 
0.2

 
—

 
675.0

Post-retirement benefits, other than pensions
—

 
4.5

 
—

 
—

 
4.5

Pensions
—

 
117.6

 
12.3

 
—

 
129.9

Other liabilities
1.1

 
118.7

 
11.7

 
(12.9
)
 
118.6

Total liabilities
701.8

 
705.3

 
426.2

 
(78.0
)
 
1,755.3

Commitments and contingencies
 
 
 
 
 
 
 
 
 
Total stockholders' equity
9.0

 
869.2

 
374.1

 
(1,243.3
)
 
9.0

Total liabilities and stockholders' equity
$
710.8

 
$
1,574.5

 
$
800.3

 
$
(1,321.3
)
 
$
1,764.3
Condensed consolidating statements of operations and comprehensive income
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2015
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
2,950.6

 
$
701.8

 
$
(185.0
)
 
$
3,467.4

Cost of goods sold
—

 
2,150.9

 
556.4

 
(187.3
)
 
2,520.0

Gross profit
—

 
799.7

 
145.4

 
2.3

 
947.4

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
485.6

 
94.9

 
—

 
580.5

Losses and other expenses, net
0.7

 
13.7

 
7.5

 
(0.2
)
 
21.7

Restructuring charges
—

 
(0.5
)
 
3.7

 
—

 
3.2

Goodwill impairment
—

 
5.5

 
—

 
—

 
5.5

Asset impairment
—

 
44.5

 
—

 
—

 
44.5

Income from equity method investments
(201.8
)
 
(5.9
)
 
(10.5
)
 
204.8

 
(13.4
)
Operational income from continuing operations
201.1

 
256.8

 
49.8

 
(202.3
)
 
305.4

Interest expense, net
22.4

 
(2.0
)
 
3.2

 
—

 
23.6

Other expense, net
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Income from continuing operations before income taxes
178.7


258.8

 
47.4

 
(202.3
)
 
282.6

Provision for income taxes
(7.8
)
 
87.9

 
14.3

 
1.0

 
95.4

Income from continuing operations
186.5

 
170.9

 
33.1

 
(203.3
)
 
187.2

Loss from discontinued operations
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Net income
$
186.5

 
$
170.9

 
$
32.5

 
$
(203.3
)
 
$
186.6

Other comprehensive income (loss)
$
(3.5
)
 
$
(3.3
)
 
$
(40.4
)
 
$
(4.0
)
 
$
(51.2
)
Comprehensive Income
$
183.0

 
$
167.6

 
$
(7.9
)
 
$
(207.3
)
 
$
135.4



Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2014
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
2,775.7

 
$
818.0

 
$
(226.3
)
 
$
3,367.4

Cost of goods sold
—

 
2,057.8

 
628.3

 
(222.0
)
 
2,464.1

Gross profit
—

 
717.9

 
189.7

 
(4.3
)
 
903.3

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
454.5

 
119.2

 
—

 
573.7

Losses and other expenses, net
—

 
3.2

 
3.6

 
—

 
6.8

Restructuring charges
—

 
0.4

 
1.5

 
—

 
1.9

Income from equity method investments
(216.4
)
 
(25.4
)
 
(11.3
)
 
239.3

 
(13.8
)
Operational income from continuing operations
216.4

 
285.2

 
76.7

 
(243.6
)
 
334.7

Interest expense, net
16.0

 
(3.0
)
 
4.2

 
—

 
17.2

Other expense, net
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Income from continuing operations before income taxes
200.4

 
288.2

 
72.6

 
(243.6
)
 
317.6

Provision for income taxes
(5.6
)
 
91.7

 
24.9

 
(1.5
)
 
109.5

Income from continuing operations
206.0

 
196.5

 
47.7

 
(242.1
)
 
208.1

Loss from discontinued operations
—

 
—

 
(2.3
)
 
—

 
(2.3
)
Net income
$
206.0

 
$
196.5

 
$
45.4

 
$
(242.1
)
 
$
205.8

Other comprehensive income (loss)
$
(4.1
)
 
$
(51.2
)
 
$
(34.8
)
 
$
(2.3
)
 
$
(92.4
)
Comprehensive income
$
201.9

 
$
145.3

 
$
10.6

 
$
(244.4
)
 
$
113.4


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 cash flows
Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2015
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
226.9

 
$
49.3

 
$
55.0

 
$
—

 
$
331.2

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

 
0.1

 
—

 
—

 
0.1

Purchases of property, plant and equipment
—

 
(60.2
)
 
(9.7
)
 
—

 
(69.9
)
Net cash used in investing activities
—

 
(60.1
)
 
(9.7
)
 
—

 
(69.8
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Short-term borrowings, net
—

 
—

 
(1.7
)
 
—

 
(1.7
)
Asset securitization borrowings
—

 
—

 
40.0

 
—

 
40.0

Asset securitization payments
—

 
—

 
(60.0
)
 
—

 
(60.0
)
Borrowings from credit facility
1,671.0

 
—

 
—

 
—

 
1,671.0

Long-term debt payments
(22.5
)
 
(1.2
)
 
(0.3
)
 
—

 
(24.0
)
Payments on credit facility
(1,807.5
)
 
—

 
—

 
—

 
(1,807.5
)
Proceeds from employee stock purchases
2.4

 
—

 
—

 
—

 
2.4

Repurchases of common stock to satisfy employee withholding tax obligations
(32.0
)
 
—

 
—

 
—

 
(32.0
)
Excess tax benefits related to share-based payments
22.4

 
—

 
—

 
—

 
22.4

Intercompany debt
(9.4
)
 
7.1

 
2.3

 
—

 
—

Intercompany financing activity
7.5

 
1.2

 
(8.7
)
 
—

 
—

Cash dividends paid
(59.3
)
 


 


 


 
(59.3
)
Net cash provided by (used in) financing activities
(227.4
)
 
7.1

 
(28.4
)
 
—

 
(248.7
)
Increase (decrease) in cash and cash equivalents
(0.5
)
 
(3.7
)
 
16.9

 
—


12.7

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(11.3
)
 
—

 
(11.3
)
Cash and cash equivalents, beginning of year
1.0

 
11.5

 
25.0

 
—

 
37.5

Cash and cash equivalents, end of year
$
0.5

 
$
7.8

 
$
30.6

 
$
—

 
$
38.9



Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2014
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
328.8

 
$
(97.2
)
 
$
(46.8
)
 
$
—

 
$
184.8

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

 
1.0

 
0.1

 
—

 
1.1

Purchases of property, plant and equipment
—

 
(70.5
)
 
(17.9
)
 
—

 
(88.4
)
Net cash used in investing activities
—

 
(69.5
)
 
(17.8
)
 
—

 
(87.3
)
Cash flows from financing activities:

 

 

 

 

Short-term borrowings, net
—

 
—

 
1.5

 
—

 
1.5

Asset securitization borrowings
—

 
—

 
100.0

 
—

 
100.0

Asset securitization payments
—

 
—

 
(40.0
)
 
—

 
(40.0
)
Term loan borrowings from credit facility
300.0

 
—

 
—

 
—

 
300.0

Long-term debt payments
—

 
(1.9
)
 
(0.4
)
 
—

 
(2.3
)
Borrowings from credit facility
2,073.5

 
—

 
—

 
—

 
2,073.5

Payments on credit facility
(1,908.5
)
 
—

 
—

 
—

 
(1,908.5
)
Payments of deferred financing costs
(2.2
)
 
—

 
—

 
—

 
(2.2
)
Proceeds from employee stock purchases
2.0

 
—

 
—

 
—

 
2.0

Repurchases of common stock
(550.3
)
 
—

 
—

 
—

 
(550.3
)
Repurchases of common stock to satisfy employee withholding tax obligations
(22.4
)
 
—

 
—

 
—

 
(22.4
)
Excess tax benefits related to share-based payments
11.8

 
—

 
—

 
—

 
11.8

Intercompany debt
(0.1
)
 
4.7

 
(4.6
)
 
—

 
—

Intercompany financing activity
(180.1
)
 
164.9

 
15.2

 
—

 
—

Cash dividends paid
(52.6
)
 
—

 
—

 
—

 
(52.6
)
Net cash provided by (used in) financing activities
(328.9
)
 
167.7

 
71.7

 
—

 
(89.5
)
Increase (decrease) in cash and cash equivalents
(0.1
)
 
1.0

 
7.1

 
—

 
8.0

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(8.5
)
 
—

 
(8.5
)
Cash and cash equivalents, beginning of year
1.1

 
10.5

 
26.4

 
—

 
38.0

Cash and cash equivalents, end of year
$
1.0

 
$
11.5

 
$
25.0

 
$
—

 
$
37.5


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 used 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 activity
332.7

 
(289.5
)
 
(43.2
)
 
—

 
—

Cash dividends paid
(34.0
)
 
—

 
—

 
—

 
(34.0
)
Net cash provided by (used in) financing activities
25.2

 
(277.9
)
 
102.5

 
—

 
(150.2
)
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