Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

As of December 31, 2016

(In millions)



	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	1.2		$	17.1	$	31.9		$	—		$	50.2
Accounts and notes receivable, net	—			30.6		439.2			—			469.8
Inventories, net	—			314.7		108.9			(5.1		)	418.5
Other assets	12.8			48.8		67.5			(61.7		)	67.4
Total current assets	14.0			411.2		647.5			(66.8		)	1,005.9
Property, plant and equipment, net	—			237.6		123.8			—			361.4
Goodwill	—			134.9		60.2			—			195.1
Investment in subsidiaries	1,166.9			524.7		(0.5		)	(1,691.1		)	—
Deferred income taxes	6.8			113.5		31.1			(14.7		)	136.7
Other assets, net	3.6			40.0		19.0			(1.4		)	61.2
Intercompany receivables (payables), net	(382.4		)	375.2		80.4			(73.2		)	—
Total assets	$	808.9		$	1,837.1	$	961.5		$	(1,847.2	)	$	1,760.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	—		$	—	$	52.4		$	—		$	52.4
Current maturities of long-term debt	199.3			0.4		0.4			—			200.1
Accounts payable	18.5			248.5		94.2			—			361.2
Accrued expenses	6.3			206.3		53.3			—			265.9
Income taxes payable	(54.0		)	89.8		52.5			(79.3		)	9.0
Total current liabilities	170.1			545.0		252.8			(79.3		)	888.6
Long-term debt	600.9			14.5		0.3			—			615.7
Post-retirement benefits, other than pensions	—			2.8		—			—			2.8
Pensions	—			75.5		12.0			—			87.5
Other liabilities	—			119.1		11.1			(2.5		)	127.7
Total liabilities	771.0			756.9		276.2			(81.8		)	1,722.3
Commitments and contingencies
Total stockholders' equity	37.9			1,080.2		685.3			(1,765.4		)	38.0
Total liabilities and stockholders' equity	$	808.9		$	1,837.1	$	961.5		$	(1,847.2	)	$	1,760.3

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	1.5			38.2		20.6			(1.5		)	58.8
Intercompany receivables (payables), net	(278.6		)	253.3		25.3			—			—
Total assets	$	611.1		$	1,557.3	$	805.5		$	(1,296.5	)	$	1,677.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	—		$	—	$	204.1		$	—		$	204.1
Current maturities of long-term debt	29.8			0.8		0.4			—			31.0
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	18.7			522.0		358.6			(75.5		)	823.8
Long-term debt	490.4			15.1		0.5			—			506.0
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	509.5			767.5		378.5			(79.7		)	1,575.8
Commitments and contingencies
Total stockholders' equity	101.6			789.8		427.0			(1,216.8		)	101.6
Total liabilities and stockholders' equity	$	611.1		$	1,557.3	$	805.5		$	(1,296.5	)	$	1,677.4

Condensed consolidating statements of operations and comprehensive income

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Year Ended December 31, 2016

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	—		$	3,117.6		$	728.0		$	(204.0	)	$	3,641.6
Cost of goods sold	—			2,203.8			564.5			(203.2		)	2,565.1
Gross profit	—			913.8			163.5			(0.8		)	1,076.5
Operating expenses:
Selling, general and administrative expenses	—			524.3			96.7			—			621.0
Losses and other expenses, net	(3.3		)	9.7			5.1			(0.2		)	11.3
Restructuring charges	—			1.9			(0.1		)	—			1.8
Goodwill impairment	—			—			—			—			—
Asset impairment	—			—			—			—			—
Pension settlement	—			30.5			0.9			—			31.4
Income from equity method investments	(292.4		)	(40.7		)	(14.4		)	329.1			(18.4		)
Operational income	295.7			388.1			75.3			(329.7		)	429.4
Interest expense, net	24.4			(2.2		)	4.8			—			27.0
Other expense, net	—			—			(0.3		)	—			(0.3		)
Income from continuing operations before income taxes	271.3			390.3			70.8			(329.7		)	402.7
Provision for income taxes	(6.5		)	108.2			22.6			(0.2		)	124.1
Income from continuing operations	277.8			282.1			48.2			(329.5		)	278.6
Loss from discontinued operations	—			—			(0.8		)	—			(0.8		)
Net income	$	277.8		$	282.1		$	47.4		$	(329.5	)	$	277.8
Other comprehensive income (loss)	$	14.0		$	8.5		$	(14.2	)	$	1.3		$	9.6
Comprehensive Income	$	291.8		$	290.6		$	33.2		$	(328.2	)	$	287.4

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 (gains) 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
Pension settlement	—			—			—			—			—
(Income) loss from equity method investments	(201.8		)	(5.9		)	(10.5		)	204.8			(13.4		)
Operational income	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
Goodwill impairment	—			—			—			—			—
Asset impairment	—			—			—			—			—
Pension settlement	—			—			—			—			—
Income from equity method investments	(216.4		)	(25.4		)	(11.3		)	239.3			(13.8		)
Operational income	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 cash flows

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2016

(In millions)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:	$	(1.6	)	$	218.5		$	137.6		$	—	$	354.5
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	—			—			0.2			—		0.2
Purchases of property, plant and equipment	—			(71.5		)	(12.8		)	—		(84.3		)
Net cash used in investing activities	—			(71.5		)	(12.6		)	—		(84.1		)
Cash flows from financing activities:
Short-term borrowings, net	—			—			(2.4		)	—		(2.4		)
Asset securitization borrowings	—			—			145.0			—		145.0
Asset securitization payments	—			—			(295.0		)	—		(295.0		)
Long-term debt borrowings	350.0			—			—			—		350.0
Borrowings from credit facility	2,336.5			—			—			—		2,336.5
Long-term debt payments	(57.5		)	(0.9		)	(0.4		)	—		(58.8		)
Payments on credit facility	(2,346.0		)	—			—			—		(2,346.0		)
Payments of deferred financing costs	(4.2		)	—			—			—		(4.2		)
Proceeds from employee stock purchases	2.6			—			—			—		2.6
Repurchases of common stock to satisfy employee withholding tax obligations	(33.3		)	—			—			—		(33.3		)
Repurchases of common stock	(300.0		)	—			—			—		(300.0		)
Excess tax benefits related to share-based payments	19.4			—			—			—		19.4
Intercompany debt	30.0			(65.8		)	35.8			—		—
Intercompany financing activity	73.8			(71.0		)	(2.8		)	—		—
Cash dividends paid	(69.0		)	—			—			—		(69.0		)
Net cash provided by (used in) financing activities	2.3			(137.7		)	(119.8		)	—		(255.2		)
Increase (decrease) in cash and cash equivalents	0.7			9.3			5.2			—		15.2
Effect of exchange rates on cash and cash equivalents	—			—			(3.9		)	—		(3.9		)
Cash and cash equivalents, beginning of year	0.5			7.8			30.6			—		38.9
Cash and cash equivalents, end of year	$	1.2		$	17.1		$	31.9		$	—	$	50.2

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		)
Long-term debt borrowings	—			—			—			—		—
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		)
Payments of deferred financing costs	—			—			—			—		—
Proceeds from employee stock purchases	2.4			—			—			—		2.4
Repurchases of common stock to satisfy employee withholding tax obligations	(32.0		)	—			—			—		(32.0		)
Repurchases of common stock	—			—			—			—		—
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		)
Long-term debt borrowings	300.0			—			—			—		300.0
Borrowings from revolving credit facility	2,073.5			—			—			—		2,073.5
Long-term debt payments	—			(1.9		)	(0.4		)	—		(2.3		)
Payments on revolving 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 to satisfy employee withholding tax obligations	(22.4		)	—			—			—		(22.4		)
Repurchases of common stock	(550.3		)	—			—			—		(550.3		)
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		)
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