Condensed Consolidating Financial Statements

12 Months Ended

Dec. 31, 2011

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

26.    Condensed Consolidating Financial Statements

The Company’s senior unsecured notes are unconditionally guaranteed by certain of the Company’s subsidiaries (the “Guarantor Subsidiaries”) while they are not by other subsidiaries (the “Non-Guarantor Subsidiaries”). As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial statements. Three subsidiaries previously classified as non-guarantor subsidiaries as of December 31, 2010 were classified as guarantor subsidiaries in the first quarter of 2011. These changes are reflected in the consolidated financial statements for periods after December 31, 2010.

The condensed consolidating financial statements reflect the investments in subsidiaries of the Company using the equity method of accounting. Intercompany account balances have been included in Accounts and Notes Receivable, Other (Current) Assets, Other Assets, net, Short-Term Debt, Accounts Payable, and Long-Term Debt line items of the Parent, Guarantor and Non-Guarantor balance sheets. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

Condensed consolidating financial statements of the Company, its Guarantor Subsidiaries and Non-Guarantor Subsidiaries as of December 31, 2011 and 2010 and for each of the fiscal years of the three-year period ended December 31, 2011 are shown below:

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	$	34.4		$	(0.1	)	$	45.0
Restricted cash		—			—		—			—			—
Accounts and notes receivable, net		(991.9	)		955.8		424.2			20.6			408.7
Inventories, net		—			230.7		110.5			(4.7	)		336.5
Deferred income taxes		4.7			25.0		8.4			(1.3	)		36.8
Other assets		1.6			22.0		109.0			(56.4	)		76.2
Total current assets		(984.6	)		1,243.2		686.5			(41.9	)		903.2
PROPERTY, PLANT AND EQUIPMENT, net		—			252.8		57.1			—			309.9
GOODWILL		—			105.8		199.8			—			305.6
DEFERRED INCOME TAXES		0.2			96.4		20.1			(9.7	)		107.0
OTHER ASSETS, net		2,174.6			532.8		22.2			(2,649.6	)		80.0
TOTAL ASSETS	$	1,190.2		$	2,231.0	$	985.7		$	(2,701.2	)	$	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			137.6		98.8			31.4			277.0
Accrued expenses		15.3			180.7		88.8			(0.1	)		284.7
Income taxes payable		(29.9	)		28.0		24.6			(17.0	)		5.7
Total current liabilities		106.7			346.9		145.1			(25.8	)		572.9
LONG-TERM DEBT		443.0			16.2		97.3			(96.9	)		459.6
POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS		—			18.6		—			—			18.6
PENSIONS		—			111.9		12.8			—			124.7
OTHER LIABILITIES		0.8			59.0		13.4			(11.1	)		62.1
Total liabilities		550.5			552.6		268.6			(133.8	)		1,237.9
TOTAL STOCKHOLDERS’ EQUITY		639.7			1,678.4		717.1			(2,567.4	)		467.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,190.2		$	2,231.0	$	985.7		$	(2,701.2	)	$	1,705.7

	Parent			Guarantor Subsidiaries		Non-Guarantor 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		—			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

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	2,542.8		$	960.1		$	(199.3	)	$	3,303.6
COST OF GOODS SOLD		0.2			1,948.3			722.2			(200.7	)		2,470.0
Gross profit		(0.2	)		594.5			237.9			1.4			833.6
OPERATING EXPENSES:
Selling, general and administrative expenses		—			479.2			180.7			—			659.9
(Gains) losses and other expenses, net.		12.1			0.8			(7.9	)		—			5.0
Restructuring charges		—			14.3			1.7			—			16.0
Goodwill impairment		—			7.6			—			—			7.6
Impairment of assets		—			7.0			—			—			7.0
(Income) loss from equity method investments		(135.3	)		(31.2	)		(7.0	)		163.9			(9.6	)
Operational income from continuing operations		123.0			116.8			70.4			(162.5	)		147.7
INTEREST (INCOME) EXPENSE, net		16.8			(3.5	)		3.5			—			16.8
OTHER EXPENSE, net		—			—			0.3			—			0.3
Income from continuing operations before income taxes		106.2			120.3			66.6			(162.5	)		130.6
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(9.8	)		31.0			20.6			0.5			42.3
Income from continuing operations		116.0			89.3			46.0			(163.0	)		88.3
Loss from discontinued operations		—			—			—			—			—
Net income	$	116.0		$	89.3		$	46.0		$	(163.0	)	$	88.3

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	2,128.0		$	1,220.8		$	(252.4	)	$	3,096.4
COST OF GOODS SOLD		0.2			1,545.8			907.8			(249.2	)		2,204.6
Gross profit		(0.2	)		582.2			313.0			(3.2	)		891.8
OPERATING EXPENSES:
Selling, general and administrative expenses		—			480.3			205.4			—			685.7
(Gains) losses and other expenses, net		(0.6	)		6.5			4.3			—			10.2
Restructuring charges					5.7			9.9			—			15.6
(Income) loss from equity method investments		(138.8	)		(11.8	)		(10.1	)		150.6			(10.1	)
Operational income from continuing operations		139.2			101.5			103.5			(153.8	)		190.4
INTEREST (INCOME) EXPENSE, net		12.4			(3.0	)		3.4			—			12.8
OTHER EXPENSE, net		—			—			1.0			—			1.0
Income from continuing operations before income taxes		126.8			104.5			99.1			(153.8	)		176.6
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(4.4	)		34.3			29.6			—			59.5
Income from continuing operations		131.2			70.2			69.5			(153.8	)		117.1
Loss from discontinued operations		—			—			0.9			—			0.9
Net income	$	131.2		$	70.2		$	68.6		$	(153.8	)	$	116.2

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	1,939.1		$	1,147.1		$	(238.7	)	$	2,847.5
COST OF GOODS SOLD		0.2			1,440.8			857.2			(238.8	)		2,059.4
Gross profit		(0.2	)		498.3			289.9			0.1			788.1
OPERATING EXPENSES:
Selling, general and administrative expenses		—			453.0			191.8			0.1			644.9
(Gains) losses and other expenses, net		(6.7	)		(0.7	)		0.8			—			(6.6	)
Restructuring charges		—			16.2			25.3			—			41.5
Impairment of assets		—			—			6.4			—			6.4
(Income) loss from equity method investments		(39.1	)		5.4			(7.3	)		33.7			(7.3	)
Operational income from continuing operations		45.6			24.4			72.9			(33.7	)		109.2
INTEREST (INCOME) EXPENSE, net		(0.8	)		7.2			1.9			(0.1	)		8.2
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income from continuing operations before income taxes		46.4			17.2			70.9			(33.6	)		100.9
PROVISION FOR INCOME TAXES		0.2			6.3			32.2			0.4			39.1
Income from continuing operations		46.2			10.9			38.7			(34.0	)		61.8
Loss from discontinued operations		—			—			10.7			—			10.7
Net income	$	46.2		$	10.9		$	28.0		$	(34.0	)	$	51.1

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:	$	(2.6	)	$	16.4		$	62.4		$	—	$	76.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			0.1			0.2			—		0.3
Purchases of property, plant and equipment		—			(35.8	)		(7.4	)		—		(43.2	)
Proceeds from sale of business		—			—			0.6			—		0.6
Acquisition of business		—			(147.7	)		—			—		(147.7	)
Restricted cash		—			—			12.2			—		12.2
Net cash used in investing activities		—			(183.4	)		5.6			—		(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 payments		—			(0.8	)		(0.1	)		—		(0.9	)
Revolver long-term borrowings		1,539.5			—			—			—		1,539.5
Revolver long-term payments		(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	)		170.9			6.9			—		—
Cash dividends paid		(36.5	)		—			—			—		(36.5	)
Net cash (used in) provided by financing activities		(77.5	)		162.0			(96.4	)		—		(11.9	)
INCREASE (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

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:	$	(115.4	)		315.3		$	(14.1	)	$	—	$	185.8
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		—			(33.7	)		(12.1	)		—		(45.8	)
Proceeds from sale of businesses		—			0.1			3.5			—		3.6
Acquisition of business		—			(7.2	)		—			—		(7.2	)
Restricted cash		—			—			(12.2	)		—		(12.2	)
Net cash used in investing activities		—			(40.7	)		(20.7	)		—		(61.4	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term payments, net		—			—			(0.8	)		—		(0.8	)
Long-term payments		(35.0	)		(0.1	)		(0.8	)		—		(35.9	)
Issuance of senior unsecured notes		199.8			—			—			—		199.8
Revolver long-term borrowings		981.5											981.5
Revolver long-term payments		(1,058.0	)		—			—			—		(1,058.0	)
Additional investment in affiliate		—			—			(1.0	)		—		(1.0	)
Proceeds from stock option exercises		3.5			—			—			—		3.5
Payments of deferred financing costs		(1.8	)		—			—			—		(1.8	)
Repurchases of common stock		(153.7	)		—			—			—		(153.7	)
Excess tax benefits related to share-based payments		5.3			—			—			—		5.3
Intercompany debt		90.8			(107.8	)		17.0			—		—
Intercompany financing activity		194.6			(158.6	)		(36.0	)		—		—
Intercompany investments		(7.9	)		—			7.9			—		—
Intercompany dividends		9.0			—			(9.0	)		—		—
Cash dividends paid		(32.4	)		—			—			—		(32.4	)
Net cash provided by (used in) financing activities		195.7			(266.5	)		(22.7	)		—		(93.5	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		80.3			8.1			(57.5	)		—		30.9
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			4.8			—		4.8
CASH AND CASH EQUIVALENTS, beginning of period		0.8			6.6			116.9			—		124.3
CASH AND CASH EQUIVALENTS, end of period	$	81.1		$	14.7		$	64.2		$	—	$	160.0

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:	$	54.0		$	87.0		$	84.5		$	—	$	225.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			0.2			0.4			—		0.6
Purchases of property, plant and equipment		—			(48.3	)		(10.5	)		—		(58.8	)
Proceeds from sale of businesses		—			1.1			8.9			—		10.0
Return of investment		—			—			0.9			—		0.9
Purchases of short-term investments .		—			—			(16.9	)		—		(16.9	)
Proceeds from sales and maturities of short-term investments		—			—			50.2			—		50.2
Net cash provided by (used in) investing activities		—			(47.0	)		33.0			—		(14.0	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term payments, net		—			—			(4.3	)		—		(4.3	)
Long-term payments		—			—			(1.7	)		—		(1.7	)
Revolver long-term borrowings		830.5											830.5
Revolver long-term payments		(1,013.8	)		—			—			—		(1,013.8	)
Proceeds from stock option exercises		9.4			—			—			—		9.4
Repurchases of common stock		(5.6	)		—			—			—		(5.6	)
Excess tax benefits related to share-based payments		4.9			—			—			—		4.9
Intercompany debt		21.0			(12.5	)		(8.5	)		—		—
Intercompany financing activity		126.5			(24.0	)		(102.5	)		—		—
Intercompany dividends		5.0			—			(5.0	)		—		—
Cash dividends paid		(31.1	)		—			—			—		(31.1	)
Net cash used in financing activities		(53.2	)		(36.5	)		(122.0	)		—		(211.7	)
DECREASE IN CASH AND CASH EQUIVALENTS		0.8			3.5			(4.5	)		—		(0.2	)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			2.4			—		2.4
CASH AND CASH EQUIVALENTS, beginning of period		—			3.1			119.0			—		122.1
CASH AND CASH EQUIVALENTS, end of period	$	0.8		$	6.6		$	116.9		$	—	$	124.3