Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

Condensed Consolidating Balance Sheets

As of June 30, 2012

(In millions)

	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1.0		$	24.2	$	43.9		$	—		$	69.1
Accounts and notes receivable, net		(921.4	)		898.1		512.9			23.6			513.2
Inventories, net		—			314.4		118.0			(5.1	)		427.3
Deferred income taxes, net		1.5			23.3		8.0			(1.3	)		31.5
Other assets		0.6			22.1		118.6			(69.7	)		71.6
Total current assets		(918.3	)		1,282.1		801.4			(52.5	)		1,112.7
PROPERTY, PLANT AND EQUIPMENT, net		—			242.3		50.3			—			292.6
GOODWILL		—			133.9		168.3			—			302.2
DEFERRED INCOME TAXES		(0.7	)		89.6		17.5			(9.7	)		96.7
OTHER ASSETS, net		2,113.7			842.9		27.7			(2,900.3	)		84.0
TOTAL ASSETS	$	1,194.7		$	2,590.8	$	1,065.2		$	(2,962.5	)	$	1,888.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term debt	$	111.5		$	—	$	(61.0	)	$	(36.3	)	$	14.2
Current maturities of long-term debt		—			0.3		0.2			—			0.5
Accounts payable		9.2			235.4		92.2			34.4			371.2
Accrued expenses		7.1			189.3		90.6			(0.1	)		286.9
Income taxes payable		(10.7	)		20.0		30.5			(34.1	)		5.7
Total current liabilities		117.1			445.0		152.5			(36.1	)		678.5
LONG-TERM DEBT		497.5			16.2		95.9			(95.4	)		514.2
POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS		—			18.5		—			—			18.5
PENSIONS		—			107.1		12.0			—			119.1
OTHER LIABILITIES		0.9			62.1		13.4			(11.0	)		65.4
Total liabilities		615.5			648.9		273.8			(142.5	)		1,395.7
COMMITMENTS AND CONTINGENCIES
TOTAL STOCKHOLDERS’ EQUITY		579.2			1,941.9		791.4			(2,820.0	)		492.5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,194.7		$	2,590.8	$	1,065.2		$	(2,962.5	)	$	1,888.2

Condensed Consolidating Statements of Operations

For the Three Months Ended June 30, 2012

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	761.5		$	226.4		$	(54.1	)	$	933.8
COST OF GOODS SOLD		0.1			565.6			173.2			(53.8	)		685.1
Gross profit		(0.1	)		195.9			53.2			(0.3	)		248.7
OPERATING EXPENSES:
Selling, general and administrative expenses		—			134.6			38.0			0.1			172.7
(Gains) losses and other expenses, net		(0.6	)		1.3			0.8			—			1.5
Restructuring charges		—			0.4			0.2			—			0.6
(Income) loss from equity method investments		(50.3	)		(3.7	)		(3.1	)		53.2			(3.9	)
Income (loss) from continuing operations		50.8			63.3			17.3			(53.6	)		77.8
INTEREST EXPENSE (INCOME), net		4.4			(0.7	)		0.6			—			4.3
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		46.4			64.0			16.6			(53.6	)		73.4
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(1.4	)		21.8			4.9			(0.1	)		25.2
Income (loss) from continuing operations		47.8			42.2			11.7			(53.5	)		48.2
Loss from discontinued operations		—			(2.2	)		(1.3	)		—			(3.5	)
Net income (loss)	$	47.8		$	40.0		$	10.4		$	(53.5	)	$	44.7
OTHER COMPREHENSIVE (LOSS) INCOME	$	(4.5	)	$	(2.9	)	$	(21.1	)	$	3.5		$	(25.0	)

Condensed Consolidating Statements of Operations

For the Six Months Ended June 30, 2012

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	1,284.7		$	434.5		$	(101.2	)	$	1,618.0
COST OF GOODS SOLD		0.1			973.8			330.1			(100.8	)		1,203.2
Gross profit		(0.1	)		310.9			104.4			(0.4	)		414.8
OPERATING EXPENSES:
Selling, general and administrative expenses		—			256.2			79.4			0.1			335.7
(Gains) losses and other expenses, net		(2.2	)		0.6			1.6			—			—
Restructuring charges		—			3.5			0.2			—			3.7
(Income) loss from equity method investments		(43.5	)		(1.6	)		(5.0	)		43.8			(6.3	)
Income (loss) from continuing operations		45.6			52.2			28.2			(44.3	)		81.7
INTEREST EXPENSE (INCOME), net		8.8			(1.2	)		1.4			—			9.0
OTHER EXPENSE, net		—			—			0.1						0.1
Income (loss) from continuing operations before income taxes		36.8			53.4			26.7			(44.3	)		72.6
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(2.4	)		19.0			8.5			(0.2	)		24.9
Income (loss) from continuing operations		39.2			34.4			18.2			(44.1	)		47.7
Loss from discontinued operations		—			(4.4	)		(4.7	)		—			(9.1	)
Net income (loss)	$	39.2		$	30.0		$	13.5		$	(44.1	)	$	38.6
OTHER COMPREHENSIVE INCOME (LOSS)	$	2.3		$	(0.2	)	$	(9.0	)	$	4.4		$	(2.5	)

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 June 30, 2011

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	729.2		$	236.9		$	(52.0	)	$	914.1
COST OF GOODS SOLD		0.1			542.2			179.1			(51.5	)		669.9
Gross profit		(0.1	)		187.0			57.8			(0.5	)		244.2
OPERATING EXPENSES:
Selling, general and administrative expenses		—			126.4			43.4			—			169.8
Losses (gains) and other expenses, net		1.3			0.2			(0.1	)		(0.2	)		1.2
Restructuring charges		—			2.5			(0.1	)		—			2.4
(Income) loss from equity method investments		(54.9	)		(6.8	)		(2.6	)		60.9			(3.4	)
Operational income (loss) from continuing operations		53.5			64.7			17.2			(61.2	)		74.2
INTEREST EXPENSE (INCOME), net		4.0			(1.0	)		1.2			0.1			4.3
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		49.5			65.7			15.9			(61.3	)		69.8
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(1.7	)		20.8			5.1			(0.5	)		23.7
Income (loss) from continuing operations		51.2			44.9			10.8			(60.8	)		46.1
(Loss) income from discontinued operations		—			(1.8	)		0.7			—			(1.1	)
Net income (loss)	$	51.2		$	43.1		$	11.5		$	(60.8	)	$	45.0
OTHER COMPREHENSIVE (LOSS) INCOME	$	(2.6	)	$	3.7		$	4.5		$	0.3		$	5.9

Condensed Consolidating Statements of Operations

For the Six Months Ended June 30, 2011

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
NET SALES	$	—		$	1,229.8		$	450.2		$	(96.5	)	$	1,583.5
COST OF GOODS SOLD		0.1			930.2			341.8			(97.1	)		1,175.0
Gross profit		(0.1	)		299.6			108.4			0.6			408.5
OPERATING EXPENSES:
Selling, general and administrative expenses		—			248.7			88.4			—			337.1
Losses (gains) and other expenses, net		2.2			(1.0	)		(0.3	)		—			0.9
Restructuring charges		—			3.2			0.4			—			3.6
(Income) loss from equity method investments		(48.9	)		(5.7	)		(4.9	)		53.5			(6.0	)
Operational income (loss) from continuing operations		46.6			54.4			24.8			(52.9	)		72.9
INTEREST EXPENSE (INCOME), net		8.0			(1.8	)		2.2			—			8.4
OTHER EXPENSE, net		—			—			0.1			—			0.1
Income (loss) from continuing operations before income taxes		38.6			56.2			22.5			(52.9	)		64.4
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(3.5	)		17.8			7.9			(0.4	)		21.8
Income (loss) from continuing operations		42.1			38.4			14.6			(52.5	)		42.6
(Loss) income from discontinued operations		—			(5.2	)		0.4			—			(4.8	)
Net income (loss)	$	42.1		$	33.2		$	15.0		$	(52.5	)	$	37.8
OTHER COMPREHENSIVE (LOSS) INCOME	$	(6.7	)	$	5.7		$	16.8		$	1.3		$	17.1

Condensed Consolidating Statements of Cash Flows

For the Six Months Ended June 30, 2012

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	34.6		$	(51.6	)	$	6.4		$	—	$	(10.6	)
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		—			(14.2	)		(2.6	)		—		(16.8	)
Net proceeds from sale of business		—			7.2			—			—		7.2
Net cash used in discontinued operations		—			(0.1	)		—			—		(0.1	)
Net cash used in investing activities		—			(7.0	)		(2.5	)		—		(9.5	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowings, net		—			—			9.9			—		9.9
Asset securitization borrowings		—			—			310.0			—		310.0
Asset securitization payments		—			—			(310.0	)		—		(310.0	)
Long-term payments		—			(0.4	)		(0.2	)		—		(0.6	)
Borrowings from revolving credit facility		526.0			—			—			—		526.0
Payments on revolving credit facility		(471.5	)		—			—			—		(471.5	)
Proceeds from stock option exercises		0.2			—			—			—		0.2
Repurchases of common stock		(2.6	)		—			—			—		(2.6	)
Excess tax benefits related to share-based payments		1.2			—			—			—		1.2
Intercompany debt		0.8			0.4			(1.2	)		—		—
Intercompany financing activity		(70.4	)		73.1			(2.7	)		—		—
Cash dividends paid		(18.3	)		—			—			—		(18.3	)
Net cash (used in) provided by financing activities		(34.6	)		73.1			5.8			—		44.3
INCREASE IN CASH AND CASH EQUIVALENTS		—			14.5			9.7			—		24.2
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			(0.1	)		—		(0.1	)
CASH AND CASH EQUIVALENTS, beginning of period		1.0			9.7			34.3			—		45.0
CASH AND CASH EQUIVALENTS, end of period	$	1.0		$	24.2		$	43.9		$	—	$	69.1

Condensed Consolidating Statements of Cash Flows

For the Six Months Ended June 30, 2011

(In millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51.0		$	(184.9	)	$	(8.5	)	$	—	$	(142.4	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the disposal of property, plant and equipment		—			0.7			0.2			—		0.9
Purchases of property, plant and equipment		—			(16.0	)		(2.0	)		—		(18.0	)
Net proceeds from sale of business		—			—			0.6			—		0.6
Acquisition of business		—			(139.8	)		(7.9	)		—		(147.7	)
Change in restricted cash		—			—			11.7			—		11.7
Net cash used in discontinued operations		—			(0.4	)		(0.2	)		—		(0.6	)
Net cash (used in) provided by investing activities		—			(155.5	)		2.4			—		(153.1	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowings, net		—			—			5.1			—		5.1
Asset securitization borrowings		—			—			80.0			—		80.0
Asset securitization payments		—			—			(80.0	)		—		(80.0	)
Long-term payments		—			(0.4	)		—			—		(0.4	)
Borrowings from revolving credit facility		683.0			—			—			—		683.0
Payments on revolving credit facility		(429.0	)		—			—			—		(429.0	)
Proceeds from stock option exercises		1.3			—			—			—		1.3
Repurchases of common stock		(36.5	)		—			—			—		(36.5	)
Excess tax benefits related to share-based payments		1.5			—			—			—		1.5
Intercompany debt		35.8			(11.6	)		(24.2	)		—		—
Intercompany financing activity		(370.3	)		365.2			5.1			—		—
Cash dividends paid		(17.7	)		—			—			—		(17.7	)
Net cash (used in) provided by financing activities		(131.9	)		353.2			(14.0	)		—		207.3
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(80.9	)		12.8			(20.1	)		—		(88.2	)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		—			—			4.7			—		4.7
CASH AND CASH EQUIVALENTS, beginning of period		81.1			14.7			64.2			—		160.0
CASH AND CASH EQUIVALENTS, end of period	$	0.2		$	27.5		$	48.8		$	—	$	76.5