Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

	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

	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	)

	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

	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	)

	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

	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