Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

3 Months Ended

Feb. 28, 2013

Guarantor and Nonguarantor Statements [Abstract]

Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations for the Three Months Ended February 28, 2013

(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Net Sales	$	159.4		$	—		$	98.8	$	(6.5	)	$	251.7
Cost of products sold	127.7			—			81.6		(6.6		)	202.7
Gross profit	31.7			—			17.2		.1			49.0
Selling, general and administrative	21.1			.1			9.3		—			30.5
Depreciation and amortization	4.1			—			4.2		—			8.3
Restructuring and severance	.8			—			—		—			.8
Interest expense	7.0			(.5		)	2.0		.1			8.6
(Income) loss from subsidiaries	(.3		)	(.6		)	—		.9			—
Other (income) expense, net	(.8		)	(.1		)	1.0		(.1		)	—
	31.9			(1.1		)	16.5		.9			48.2
(Loss) income from continuing operations before income taxes	(.2		)	1.1			.7		(.8		)	.8
Income tax (benefit) expense	(.4		)	.9			.1		—			.6
Income (loss) from continuing operations	.2			.2			.6		(.8		)	.2
(Loss) from discontinued operations	(.4		)	—			—		—			(.4		)
Net (Loss) Income	$	(.2	)	$	.2		$	.6	$	(.8	)	$	(.2	)

Note O – Separate Financial Information of Subsidiary Guarantors of Indebtedness (Continued)

Condensed Consolidating Statements of Operations for the Three Months Ended February 29, 2012

(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Net Sales	$	178.6		$	—		$	103.9		$	(6.6	)	$	275.9
Cost of products sold	140.1			—			81.4			(6.5		)	215.0
Gross profit	38.5			—			22.5			(.1		)	60.9
Selling, general and administrative	19.3			.4			9.8			—			29.5
Depreciation and amortization	4.1			—			3.9			—			8.0
Restructuring and severance	.5			—			—			—			.5
Interest expense	8.1			(.5		)	2.0			(.1		)	9.5
(Income) loss from subsidiaries	(4.5		)	(5.2		)	—			9.7			—
Other (income) expense, net	(.7		)	(.2		)	.1			—			(.8		)
	26.8			(5.5		)	15.8			9.6			46.7
Income (loss) from continuing operations before income taxes	11.7			5.5			6.7			(9.7		)	14.2
Income tax expense (benefit)	3.1			—			.4			—			3.5
Income (loss) from continuing operations	8.6			5.5			6.3			(9.7		)	10.7
Income (loss) from discontinued operations	4.9			(1.0		)	(1.1		)	—			2.8
Net Income (Loss)	$	13.5		$	4.5		$	5.2		$	(9.7	)	$	13.5

Schedule of Comprehensive Income (Loss) [Table Text Block]

Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended February 28, 2013
(Dollars in millions)	OMNOVA Solutions (Parent)	Guarantor Subsidiaries	Non - Guarantor Subsidiaries	Eliminations		Total
Net Income	$(.2)	$.2	$.6	$(.8)		$(.2)
Other comprehensive income (loss), net of tax	2.6	1.6	1.2	(2.8	)	2.6
Comprehensive income (loss)	$2.4	$1.8	$1.8	$(3.6)		$2.4

Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended February 29, 2012
(Dollars in millions)	OMNOVA Solutions (Parent)	Guarantor Subsidiaries	Non - Guarantor Subsidiaries	Eliminations		Total
Net Income	$13.5	$4.5	$5.2	$(9.7)		$13.5
Other comprehensive income (loss), net of tax	3.1	6.3	1.1	(7.4	)	3.1
Comprehensive income (loss)	$16.6	$10.8	$6.3	$(17.1)		$16.6

Condensed Consolidating Statements of Financial Position

Condensed Consolidating Statements of Financial Position February 28, 2013

(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
ASSETS:
Current Assets
Cash and cash equivalents	$	72.6		$	—		$	43.9		$	—		$	116.5
Restricted cash	5.5			—			—			—			5.5
Accounts receivable, net	71.8			—			72.5			—			144.3
Inventories	50.3			—			51.8			(.9		)	101.2
Prepaid expenses and other	7.4			—			9.8			—			17.2
Deferred income taxes	7.2			—			4.0			(.5		)	10.7
Total Current Assets	214.8			—			182.0			(1.4		)	395.4
Property, plant and equipment, net	109.0			—			112.6			—			221.6
Trademarks and other intangible assets, net	88.8			—			87.6			—			176.4
Deferred income taxes - non-current	66.7			—			6.1			(7.1		)	65.7
Investments in subsidiaries and intercompany	458.0			203.3			161.9			(823.2		)	—
Other assets	1.1			3.8			2.4			—			7.3
Total Assets	$	938.4		$	207.1		$	552.6		$	(831.7	)	$	866.4
LIABILITIES AND SHARE HOLDERS’ EQUITY:
Current Liabilities
Amounts due to banks	$	2.0		$	—		$	8.5		$	—		$	10.5
Accounts payable	44.4			.3			51.1			—			95.8
Accrued payroll and personal property taxes	11.8			—			4.4			—			16.2
Employee benefit obligations	2.1			—			—			—			2.1
Deferred income taxes	—			—			.6			(.6		)	—
Other current liabilities	12.7			2.6			1.7			(1.9		)	15.1
Total Current Liabilities	73.0			2.9			66.3			(2.5		)	139.7
Long-term debt	442.2			—			—			—			442.2
Postretirement benefits other than pensions	7.6			—			—			—			7.6
Pension liabilities	96.2			—			12.5			—			108.7
Deferred income taxes	—			—			30.9			(7.1		)	23.8
Intercompany	177.9			143.1			374.9			(695.9		)	—
Other liabilities	8.2			—			2.9			—			11.1
Total Liabilities	805.1			146.0			487.5			(705.5		)	733.1
Shareholders’ Equity
Common stock	4.8			—			16.2			(16.2		)	4.8
Additional contributed capital	332.6			153.1			13.5			(166.6		)	332.6
Retained (deficit) earnings	(87.4		)	(87.8		)	37.3			50.5			(87.4		)
Treasury stock	(4.6		)	—			—			—			(4.6		)
Accumulated other comprehensive (loss) income	(112.1		)	(4.2		)	(1.9		)	6.1			(112.1		)
Total Shareholders’ Equity	133.3			61.1			65.1			(126.2		)	133.3
Total Liabilities and Shareholders’ Equity	$	938.4		$	207.1		$	552.6		$	(831.7	)	$	866.4

Note O – Separate Financial Information of Subsidiary Guarantors of Indebtedness (Continued)

Condensed Consolidating Statements of Financial Position November 30, 2012

(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
ASSETS:
Current Assets
Cash and cash equivalents	$	98.7		$	—		$	44.3		$	—		$	143.0
Restricted cash	5.5			—			—			—			5.5
Accounts receivable, net	68.8			—			61.3			—			130.1
Inventories	45.7			—			51.6			(1.1		)	96.2
Deferred income taxes	7.2			—			4.0			(.5		)	10.7
Prepaid expenses and other	6.3			—			8.5			—			14.8
Assets held for sale - current	—			—			—			—			—
Total Current Assets	232.2			—			169.7			(1.6		)	400.3
Property, plant and equipment, net	110.2			—			112.6			—			222.8
Trademarks and other intangible assets, net	89.8			—			87.8			—			177.6
Deferred income taxes	67.0			—			6.1			(7.4		)	65.7
Investments in subsidiaries and intercompany	456.6			203.8			460.3			(1,120.7		)	—
Other assets	1.1			3.8			2.4			—			7.3
Total Assets	$	956.9		$	207.6		$	838.9		$	(1,129.7	)	$	873.7
LIABILITIES AND SHARE HOLDERS’ EQUITY:
Current Liabilities
Amounts due to banks	$	2.0		$	—		$	7.6		$	—		$	9.6
Accounts payable	54.2			.2			48.6			(.2		)	102.8
Accrued payroll and personal property taxes	16.4			—			5.4			—			21.8
Employee benefit obligations	2.1			—			—			—			2.1
Deferred income taxes	—			—			.6			(.6		)	—
Other current liabilities	9.1			2.7			3.2			(5.8		)	9.2
Liabilities held for sale - current	—			—			—			—			—
Total Current Liabilities	83.8			2.9			65.4			(6.6		)	145.5
Long-term debt	442.6			—			—			—			442.6
Postretirement benefits other than pensions	7.7			—			—			—			7.7
Pension liabilities	99.2			—			12.2			—			111.4
Deferred income taxes	—			—			31.3			(7.4		)	23.9
Intercompany	183.8			141.3			674.7			(999.8		)	—
Other liabilities	9.6			—			2.7			.1			12.4
Total Liabilities	826.7			144.2			786.3			(1,013.7		)	743.5
Shareholders’ Equity
Common stock	4.7			—			16.2			(16.2		)	4.7
Additional contributed capital	331.8			153.2			4.9			(158.1		)	331.8
Retained (deficit) earnings	(87.2		)	(86.4		)	34.6			51.8			(87.2		)
Treasury stock	(4.4		)	—			—			—			(4.4		)
Accumulated other comprehensive (loss) income	(114.7		)	(3.4		)	(3.1		)	6.5			(114.7		)
Total Shareholders’ Equity	130.2			63.4			52.6			(116.0		)	130.2
Total Liabilities and Shareholders’ Equity	$	956.9		$	207.6		$	838.9		$	(1,129.7	)	$	873.7

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows Three Months Ended February 28, 2013

(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Operating Activities
Net Cash (Used in) Provided By Operating Activities	$	(22.5	)	$	.8		$	.5		$	(1.4	)	$	(22.6	)
Investing Activities
Capital expenditures	(2.5		)	—			(2.2		)	—			(4.7		)
Net Cash Used In Investing Activities	(2.5		)	—			(2.2		)	—			(4.7		)
Financing Activities
Repayment of debt obligations	(.5		)	—			—			—			(.5		)
Short-term debt (payments), net	—			—			.9			—			.9
Payments received from the exercise of stock options	.1			—			—			—			.1
Net Cash (Used In) Provided by Financing Activities	(.4		)	—			.9			—			.5
Effect of exchange rate changes on cash	(.7		)	(.8		)	.4			1.4			.3
Net Decrease In Cash And Cash Equivalents	(26.1		)	—			(.4		)	—			(26.5		)
Cash and cash equivalents at beginning of period	98.7			—			44.3			—			143.0
Cash And Cash Equivalents At End Of Period	$	72.6		$	—		$	43.9		$	—		$	116.5

Condensed Consolidating Statements of Cash Flows Three Months Ended February 29, 2012

(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Total
Operating Activities
Net Cash Provided By (Used In) Operating Activities	$	21.8		$	—	$	(8.9	)	$	.8		$	13.7
Investing Activities
Capital expenditures	(2.0		)	—		(1.6		)	—			(3.6		)
Proceeds from asset sale	10.0			—		—			—			10.0
Net Cash Provided By (Used In) Investing Activities	8.0			—		(1.6		)	—			6.4
Financing Activities
Repayment of debt obligations	(.5		)	—		—			—			(.5		)
Short-term debt (payments), net	—			—		(.1		)	—			(.1		)
Restricted cash	(1.3		)	—		—			—			(1.3		)
Net Cash (Used In) Provided by Financing Activities	(1.8		)	—		(.1		)	—			(1.9		)
Effect of exchange rate changes on cash	.9			—		1.4			(.8		)	1.5
Net Increase (Decrease) In Cash And Cash Equivalents	28.9			—		(9.2		)	—			19.7
Cash and cash equivalents at beginning of period	55.1			—		43.8			—			98.9
Cash And Cash Equivalents At End Of Period	$	84.0		$	—	$	34.6		$	—		$	118.6