Condensed Consolidating Financial Statements

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

15. Condensed Consolidating Financial Statements:

The Company’s senior unsecured notes are unconditionally guaranteed by certain of the Company’s subsidiaries (the “Guarantor Subsidiaries”) and are not secured by our other subsidiaries (the “Non-Guarantor Subsidiaries”). As a result of the guarantee arrangements, we are required to present the following condensed consolidating financial statements.

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 assets (Current), 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 March 31, 2012 and December 31, 2011 and for the three months ended March 31, 2012 and 2011 are shown below:

Condensed Consolidating Balance Sheets

As of March 31, 2012

(In millions)

	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	0.9		$	16.9	$	36.9		$	—		$	54.7
Accounts and notes receivable, net		(910.5	)		860.2		418.6			26.4			394.7
Inventories, net		—			295.2		111.5			(4.8	)		401.9
Deferred income taxes, net		2.3			23.4		8.4			(1.3	)		32.8
Other assets		1.7			21.1		123.6			(64.6	)		81.8
Assets of discontinued operations		—			25.6		6.8			—			32.4
Total current assets		(905.6	)		1,242.4		705.8			(44.3	)		998.3
PROPERTY, PLANT AND EQUIPMENT, net		—			245.3		53.9			—			299.2
GOODWILL		—			133.9		176.7			—			310.6
DEFERRED INCOME TAXES		(0.3	)		89.7		19.4			(9.7	)		99.1
OTHER ASSETS, net		2,167.1			556.1		24.6			(2,665.0	)		82.8
TOTAL ASSETS	$	1,261.2		$	2,267.4	$	980.4		$	(2,719.0	)	$	1,790.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term debt	$	119.5		$	—	$	(70.6	)	$	(37.5	)	$	11.4
Current maturities of long-term debt		—			0.4		0.2			—			0.6
Accounts payable		9.2			177.7		83.4			37.1			307.4
Accrued expenses		7.7			170.0		78.3			(0.1	)		255.9
Income taxes payable		(2.6	)		4.7		31.3			(27.7	)		5.7
Liabilities of discontinued operations		—			12.2		3.2			—			15.4
Total current liabilities		133.8			365.0		125.8			(28.2	)		596.4
LONG-TERM DEBT		495.0			16.1		98.6			(98.2	)		511.5
POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS		—			18.9		—			—			18.9
PENSIONS		—			108.1		13.1			—			121.2
OTHER LIABILITIES		0.8			60.4		14.0			(11.0	)		64.2
Total liabilities		629.6			568.5		251.5			(137.4	)		1,312.2
COMMITMENTS AND CONTINGENCIES
TOTAL STOCKHOLDERS’ EQUITY		631.6			1,698.9		728.9			(2,581.6	)		477.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,261.2		$	2,267.4	$	980.4		$	(2,719.0	)	$	1,790.0

Condensed Consolidating Statements of Operations

For the Three Months Ended March 31, 2012

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	523.2		$	208.1		$	(47.1	)	$	684.2
COST OF GOODS SOLD		—			408.2			156.9			(47.0	)		518.1
Gross profit		—			115.0			51.2			(0.1	)		166.1
OPERATING EXPENSES:
Selling, general and administrative expenses		—			121.6			41.4			—			163.0
(Gains) losses and other expenses, net		(1.6	)		(0.7	)		0.8			—			(1.5	)
Restructuring charges		—			3.1			—			—			3.1
Loss (income) from equity method investments		6.8			2.1			(1.9	)		(9.4	)		(2.4	)
(Loss) income from continuing operations		(5.2	)		(11.1	)		10.9			9.3			3.9
INTEREST EXPENSE (INCOME), net		4.4			(0.5	)		0.8			—			4.7
(Loss) income from continuing operations before income taxes		(9.6	)		(10.6	)		10.1			9.3			(0.8	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(1.0	)		(2.8	)		3.6			(0.1	)		(0.3	)
Loss income from continuing operations		(8.6	)		(7.8	)		6.5			9.4			(0.5	)
Loss from discontinued operations		—			(2.2	)		(3.4	)		—			(5.6	)
Net (loss) income	$	(8.6	)	$	(10.0	)	$	3.1		$	9.4		$	(6.1	)

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
Accounts and notes receivable, net		(991.9	)		950.1		422.6			20.6			401.4
Inventories, net		—			221.2		107.5			(4.7	)		324.0
Deferred income taxes, net		4.7			23.5		8.3			(1.3	)		35.2
Other assets		1.6			21.7		108.6			(56.5	)		75.4
Assets of discontinued operations		—			24.7		10.3			—			35.0
Total current assets		(984.6	)		1,250.9		691.7			(42.0	)		916.0
PROPERTY, PLANT AND EQUIPMENT, net		—			251.7		52.8			—			304.5
GOODWILL		—			133.4		172.2			—			305.6
DEFERRED INCOME TAXES		0.2			89.8		19.2			(9.7	)		99.5
OTHER ASSETS, net		2,174.6			532.8		22.2			(2,649.5	)		80.1
TOTAL ASSETS	$	1,190.2		$	2,258.6	$	958.1		$	(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			133.5		96.9			31.4			271.0
Accrued expenses		15.3			177.0		87.3			(0.1	)		279.5
Income taxes payable		(29.9	)		28.0		24.7			(17.1	)		5.7
Liabilities of discontinued operations		—			8.2		3.4			—			11.6
Total current liabilities		106.7			347.3		145.2			(25.9	)		573.3
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			58.6		13.3			(11.0	)		61.7
Total liabilities		550.5			552.6		268.6			(133.8	)		1,237.9
COMMITMENTS AND CONTINGENCIES
TOTAL STOCKHOLDERS’ EQUITY		639.7			1,706.0		689.5			(2,567.4	)		467.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,190.2		$	2,258.6	$	958.1		$	(2,701.2	)	$	1,705.7

Condensed Consolidating Statements of Operations

For the Three Months Ended March 31, 2011

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	500.6		$	213.3		$	(44.5	)	$	669.4
COST OF GOODS SOLD		—			388.0			162.7			(45.6	)		505.1
Gross profit		—			112.6			50.6			1.1			164.3
OPERATING EXPENSES:
Selling, general and administrative expenses		—			122.3			45.0			—			167.3
Losses (gains) and other expenses, net		0.9			(1.2	)		(0.2	)		0.2			(0.3	)
Restructuring charges		—			0.7			0.5			—			1.2
Loss (income) from equity method investments		6.0			1.1			(2.3	)		(7.4	)		(2.6	)
(Loss) income from continuing operations		(6.9	)		(10.3	)		7.6			8.3			(1.3	)
INTEREST EXPENSE (INCOME), net		4.0			(0.8	)		1.0			(0.1	)		4.1
(Loss) income from continuing operations before income taxes		(10.9	)		(9.5	)		6.6			8.4			(5.4	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(1.8	)		(3.0	)		2.8			0.1			(1.9	)
(Loss) income from continuing operations		(9.1	)		(6.5	)		3.8			8.3			(3.5	)
Loss from discontinued operations		—			(3.4	)		(0.3	)		—			(3.7	)
Net (loss) income	$	(9.1	)	$	(9.9	)	$	3.5		$	8.3		$	(7.2	)

Condensed Consolidating Statements of Cash Flows

For the Three Months Ended March 31, 2012

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	30.9		$	(71.5	)	$	6.3		$	—	$	(34.3	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			0.1			—			—		0.1
Purchases of property, plant and equipment		—			(5.7	)		(1.1	)		—		(6.8	)
Net cash used in discontinued operations		—			(0.1	)		—			—		(0.1	)
Net cash used in investing activities		—			(5.7	)		(1.1	)		—		(6.8	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowings, net		—			—			6.6			—		6.6
Asset securitization borrowings		—			—			170.0			—		170.0
Asset securitization payments		—			—			(170.0	)		—		(170.0	)
Long-term payments		—			(0.2	)		—			—		(0.2	)
Revolver long-term borrowings		267.5			—			—			—		267.5
Revolver long-term payments		(215.5	)		—			—			—		(215.5	)
Proceeds from stock option exercises		0.1			—			—			—		0.1
Repurchases of common stock		(1.9	)		—			—			—		(1.9	)
Excess tax benefits related to share-based payments		0.8			—			—			—		0.8
Intercompany debt		8.5			(2.2	)		(6.3	)		—		—
Intercompany financing activity		(81.3	)		86.8			(5.5	)		—		—
Cash dividends paid		(9.2	)		—			—			—		(9.2	)
Net cash (used in) provided by financing activities		(31.0	)		84.4			(5.2	)		—		48.2
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(0.1	)		7.2			—			—		7.1
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			2.6			—		2.6
CASH AND CASH EQUIVALENTS, beginning of year		1.0			9.7			34.3			—		45.0
CASH AND CASH EQUIVALENTS, end of year	$	0.9		$	16.9		$	36.9		$	—	$	54.7

Condensed Consolidating Statements of Cash Flows

For the Three Months Ended March 31, 2011

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	59.7		$	(131.0	)	$	(77.0	)	$	—	$	(148.3	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			0.7			—			—		0.7
Purchases of property, plant and equipment		—			(7.1	)		(0.8	)		—		(7.9	)
Proceeds from sale of business		—			—			—			—		—
Acquisition of business		—			(136.3	)		(7.9	)		—		(144.2	)
Restricted cash		—			—			1.6			—		1.6
Net cash used in discontinued operations		—			(0.3	)		—			—		(0.3	)
Net cash used in investing activities		—			(143.0	)		(7.1	)		—		(150.1	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowings, net		—			—			1.2			—		1.2
Asset securitization borrowings					—			50.0			—		50.0
Long-term payments		—			(0.2	)		—			—		(0.2	)
Revolver long-term borrowings		339.0			—			—			—		339.0
Revolver long-term payments		(167.5	)		—			—			—		(167.5	)
Proceeds from stock option exercises		0.9			—			—			—		0.9
Payments of deferred financing costs		—			—			—			—		—
Repurchases of common stock		(24.7	)		—			—			—		(24.7	)
Excess tax benefits related to share-based payments		1.2			—			—			—		1.2
Intercompany debt		1.8			(2.3	)		0.5			—		—
Intercompany financing activity		(283.4	)		275.6			7.8			—		—
Cash dividends paid		(8.1	)		—			—			—		(8.1	)
Net cash (used in) provided by financing activities		(140.8	)		273.1			59.5			—		191.8
(DECREASE) IN CASH AND CASH EQUIVALENTS		(81.1	)		(0.9	)		(24.6	)		—		(106.6	)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			1.8			—		1.8
CASH AND CASH EQUIVALENTS, beginning of year		81.1			14.7			64.2			—		160.0
CASH AND CASH EQUIVALENTS, end of year	$	—		$	13.8		$	41.4		$	—	$	55.2