Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2014

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheet
March 31, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	290.5	$	—	$	22.2	$	—	$	(6.0	)	$	306.7
Accounts receivable, net	—		—		1,255.2		79.8		—		—			1,335.0
Merchandise inventory	—		—		384.1		4.3		—		—			388.4
Miscellaneous receivables	—		50.5		107.6		6.4		—		—			164.5
Prepaid expenses and other	—		14.5		37.1		4.5		—		(2.8		)	53.3
Total current assets	—		355.5		1,784.0		117.2		—		(8.8		)	2,247.9
Property and equipment, net	—		70.9		57.4		1.6		—		—			129.9
Goodwill	—		751.9		1,439.0		28.2		—		—			2,219.1
Other intangible assets, net	—		332.4		948.0		6.2		—		—			1,286.6
Deferred financing costs, net	—		27.5		—		—		—		—			27.5
Other assets	4.7		1.5		—		1.2		—		(5.9		)	1.5
Investment in and advances to subsidiaries	750.1		2,820.6		—		—		—		(3,570.7		)	—
Total assets	$	754.8	$	4,360.3	$	4,228.4	$	154.4	$	—	$	(3,585.4	)	$	5,912.5
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable—trade	$	—	$	18.3	$	631.9	$	39.5	$	—	$	(6.0	)	$	683.7
Accounts payable—inventory financing	—		—		250.2		—		—		—			250.2
Current maturities of long-term debt	—		15.4		—		—		—		—			15.4
Deferred revenue	—		—		89.4		4.2		—		—			93.6
Accrued expenses	—		212.4		157.2		8.8		—		(2.8		)	375.6
Total current liabilities	—		246.1		1,128.7		52.5		—		(8.8		)	1,418.5
Long-term liabilities:
Debt	—		3,157.0		—		—		—		—			3,157.0
Deferred income taxes	—		169.2		374.8		1.5		—		(4.7		)	540.8
Other liabilities	—		37.9		3.4		1.3		—		(1.2		)	41.4
Total long-term liabilities	—		3,364.1		378.2		2.8		—		(5.9		)	3,739.2
Total shareholders’ equity	754.8		750.1		2,721.5		99.1		—		(3,570.7		)	754.8
Total liabilities and shareholders’ equity	$	754.8	$	4,360.3	$	4,228.4	$	154.4	$	—	$	(3,585.4	)	$	5,912.5

Condensed Consolidating Balance Sheet
December 31, 2013
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	196.5	$	—	$	14.0	$	—	$	(22.4	)	$	188.1
Accounts receivable, net	—		—		1,375.9		75.1		—		—			1,451.0
Merchandise inventory	—		—		378.9		3.1		—		—			382.0
Miscellaneous receivables	—		49.9		91.0		5.4		—		—			146.3
Prepaid expenses and other	—		10.7		33.4		5.1		—		(3.1		)	46.1
Total current assets	—		257.1		1,879.2		102.7		—		(25.5		)	2,213.5
Property and equipment, net	—		69.7		59.6		1.8		—		—			131.1
Goodwill	—		751.9		1,439.0		29.4		—		—			2,220.3
Other intangible assets, net	—		338.5		982.8		6.7		—		—			1,328.0
Deferred financing costs, net	—		30.1		—		—		—		—			30.1
Other assets	4.9		1.4		0.1		0.9		—		(5.7		)	1.6
Investment in and advances to subsidiaries	706.8		2,909.4		—		—		—		(3,616.2		)	—
Total assets	$	711.7	$	4,358.1	$	4,360.7	$	141.5	$	—	$	(3,647.4	)	$	5,924.6
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	21.4	$	637.3	$	26.5	$	—	$	(22.4	)	$	662.8
Accounts payable-inventory financing	—		—		256.6		—		—		—			256.6
Current maturities of long-term debt	—		45.4		—		—		—		—			45.4
Deferred revenue	—		—		89.9		4.9		—		—			94.8
Accrued expenses	—		163.5		175.1		7.5		—		(3.1		)	343.0
Total current liabilities	—		230.3		1,158.9		38.9		—		(25.5		)	1,402.6
Long-term liabilities:
Debt	—		3,205.8		—		—		—		—			3,205.8
Deferred income taxes	—		178.3		388.4		1.6		—		(4.8		)	563.5
Other liabilities	—		36.9		3.6		1.4		—		(0.9		)	41.0
Total long-term liabilities	—		3,421.0		392.0		3.0		—		(5.7		)	3,810.3
Total shareholders’ equity	711.7		706.8		2,809.8		99.6		—		(3,616.2		)	711.7
Total liabilities and shareholders' equity	$	711.7	$	4,358.1	$	4,360.7	$	141.5	$	—	$	(3,647.4	)	$	5,924.6

Consolidating Statements of Operations

Consolidating Statement of Operations
Three Months Ended March 31, 2013
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	2,289.8		$	121.9		$	—	$	—		$	2,411.7
Cost of sales	—		—			1,902.1			107.6			—		—			2,009.7
Gross profit	—		—			387.7			14.3			—		—			402.0
Selling and administrative expenses	—		25.7			216.7			9.1			—		—			251.5
Advertising expense	—		—			29.6			0.8			—		—			30.4
(Loss) income from operations	—		(25.7		)	141.4			4.4			—		—			120.1
Interest (expense) income, net	—		(72.2		)	—			0.1			—		—			(72.1		)
Net loss on extinguishments of long-term debt	—		(3.9		)	—			—			—		—			(3.9		)
Management fee	—		0.9			—			(0.9		)	—		—			—
Other income, net	—		—			0.3			0.1			—		—			0.4
(Loss) income before income taxes	—		(100.9		)	141.7			3.7			—		—			44.5
Income tax benefit (expense)	—		37.7			(53.0		)	(0.9		)	—		—			(16.2		)
(Loss) income before equity in earnings of subsidiaries	—		(63.2		)	88.7			2.8			—		—			28.3
Equity in earnings of subsidiaries	28.3		91.5			—			—			—		(119.8		)	—
Net income	$	28.3	$	28.3		$	88.7		$	2.8		$	—	$	(119.8	)	$	28.3

Consolidating Statement of Operations
Three Months Ended March 31, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	2,518.1		$	134.2		$	—	$	—		$	2,652.3
Cost of sales	—		—			2,107.5			119.6			—		—			2,227.1
Gross profit	—		—			410.6			14.6			—		—			425.2
Selling and administrative expenses	—		25.9			226.3			8.7			—		—			260.9
Advertising expense	—		—			27.8			0.7			—		—			28.5
(Loss) income from operations	—		(25.9		)	156.5			5.2			—		—			135.8
Interest (expense) income, net	—		(50.2		)	—			0.1			—		—			(50.1		)
Net loss on extinguishments of long-term debt	—		(5.4		)	—			—			—		—			(5.4		)
Management fee	—		1.0			—			(1.0		)	—		—			—
Other income, net	—		—			0.4			0.1			—		—			0.5
(Loss) income before income taxes	—		(80.5		)	156.9			4.4			—		—			80.8
Income tax benefit (expense)	—		30.2			(58.9		)	(1.2		)	—		—			(29.9		)
(Loss) income before equity in earnings of subsidiaries	—		(50.3		)	98.0			3.2			—		—			50.9
Equity in earnings of subsidiaries	50.9		101.2			—			—			—		(152.1		)	—
Net income	$	50.9	$	50.9		$	98.0		$	3.2		$	—	$	(152.1	)	$	50.9

Condensed Consolidating Statements of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended March 31, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income (loss)	$	47.0	$	47.0	$	98.0	$	(0.7	)	$	—	$	(144.3	)	$	47.0

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended March 31, 2013
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	25.9	$	25.9	$	88.7	$	0.4	$	—	$	(115.0	)	$	25.9

Condensed Consolidating Statements Cash Flows

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2013
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash provided by operating activities	$	—	$	9.7		$	171.7		$	7.1		$	—	$	19.5		$	208.0
Cash flows from investing activities:
Capital expenditures	—		(7.8		)	(1.0		)	—			—		—			(8.8		)
Net cash used in investing activities	—		(7.8		)	(1.0		)	—			—		—			(8.8		)
Cash flows from financing activities:
Repayments of long-term debt	—		(40.0		)	—			—			—		—			(40.0		)
Payments to extinguish long-term debt	—		(53.1		)	—			—			—		—			(53.1		)
Net change in accounts payable-inventory financing	—		—			3.7			—			—		—			3.7
Advances from (to) affiliates	—		166.7			(166.5		)	(0.2		)	—		—			—
Other financing activities	—		(0.1		)	—			—			—		—			(0.1		)
Net cash provided by (used in) financing activities	—		73.5			(162.8		)	(0.2		)	—		—			(89.5		)
Effect of exchange rate changes on cash and cash equivalents	—		—			—			(0.5		)	—		—			(0.5		)
Net increase in cash and cash equivalents	—		75.4			7.9			6.4			—		19.5			109.2
Cash and cash equivalents—beginning of period	—		48.0			—			9.8			—		(19.9		)	37.9
Cash and cash equivalents—end of period	$	—	$	123.4		$	7.9		$	16.2		$	—	$	(0.4	)	$	147.1

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2014
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash provided by operating activities	$	—		$	14.3		$	207.0		$	8.6		$	—	$	16.4		$	246.3
Cash flows from investing activities:
Capital expenditures	—			(8.6		)	(0.7		)	—			—		—			(9.3		)
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II	—			(20.9		)	—			—			—		—			(20.9		)
Net cash used in investing activities	—			(29.5		)	(0.7		)	—			—		—			(30.2		)
Cash flows from financing activities:
Repayments of long-term debt	—			(3.9		)	—			—			—		—			(3.9		)
Payments to extinguish long-term debt	—			(79.5		)	—			—			—		—			(79.5		)
Net change in accounts payable-inventory financing	—			—			(6.4		)	—			—		—			(6.4		)
Proceeds from stock option exercises	0.1			—			—			—			—		—			0.1
Dividends paid	(7.3		)	—			—			—			—		—			(7.3		)
Advances from (to) affiliates	7.2			192.6			(199.9		)	0.1			—		—			—
Net cash provided by (used in) financing activities	—			109.2			(206.3		)	0.1			—		—			(97.0		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(0.5		)	—		—			(0.5		)
Net increase in cash and cash equivalents	—			94.0			—			8.2			—		16.4			118.6
Cash and cash equivalents—beginning of period	—			196.5			—			14.0			—		(22.4		)	188.1
Cash and cash equivalents—end of period	$	—		$	290.5		$	—		$	22.2		$	—	$	(6.0	)	$	306.7