Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2014

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheets

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

Condensed Consolidating Balance Sheet
September 30, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	340.0	$	—	$	30.5	$	—	$	(12.7	)	$	357.8
Accounts receivable, net	—		—		1,410.1		63.1		—		—			1,473.2
Merchandise inventory	—		—		419.7		3.8		—		—			423.5
Miscellaneous receivables	—		58.8		110.8		5.8		—		—			175.4
Prepaid expenses and other	—		16.5		67.5		3.3		—		(1.0		)	86.3
Total current assets	—		415.3		2,008.1		106.5		—		(13.7		)	2,516.2
Property and equipment, net	—		74.3		56.1		1.3		—		—			131.7
Goodwill	—		751.9		1,439.0		27.7		—		—			2,218.6
Other intangible assets, net	—		322.8		878.5		5.7		—		—			1,207.0
Deferred financing costs, net	—		31.8		—		—		—		—			31.8
Other assets	4.4		2.1		—		1.4		—		(5.8		)	2.1
Investment in and advances to subsidiaries	889.6		2,826.3		—		—		—		(3,715.9		)	—
Total assets	$	894.0	$	4,424.5	$	4,381.7	$	142.6	$	—	$	(3,735.4	)	$	6,107.4
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable—trade	$	—	$	18.6	$	748.5	$	23.5	$	—	$	(12.7	)	$	777.9
Accounts payable—inventory financing	—		—		299.7		—		—		—			299.7
Current maturities of long-term debt	—		15.4		—		—		—		—			15.4
Deferred revenue	—		—		99.2		3.1		—		—			102.3
Accrued expenses	—		160.0		165.6		7.7		—		(1.0		)	332.3
Total current liabilities	—		194.0		1,313.0		34.3		—		(13.7		)	1,527.6
Long-term liabilities:
Debt	—		3,146.3		—		—		—		—			3,146.3
Deferred income taxes	—		153.9		344.4		1.5		—		(4.4		)	495.4
Other liabilities	—		40.7		3.6		1.2		—		(1.4		)	44.1
Total long-term liabilities	—		3,340.9		348.0		2.7		—		(5.8		)	3,685.8
Total shareholders’ equity	894.0		889.6		2,720.7		105.6		—		(3,715.9		)	894.0
Total liabilities and shareholders’ equity	$	894.0	$	4,424.5	$	4,381.7	$	142.6	$	—	$	(3,735.4	)	$	6,107.4

Consolidating Statements of Operations

Consolidating Statement of Operations
Nine Months Ended September 30, 2013
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	7,705.2		$	350.1		$	—	$	—		$	8,055.3
Cost of sales	—			—			6,436.5			306.8			—		—			6,743.3
Gross profit	—			—			1,268.7			43.3			—		—			1,312.0
Selling and administrative expenses	24.4			73.9			725.4			26.6			—		—			850.3
Advertising expense	—			—			92.0			3.1			—		—			95.1
(Loss) income from operations	(24.4		)	(73.9		)	451.3			13.6			—		—			366.6
Interest (expense) income, net	—			(199.0		)	0.2			0.2			—		—			(198.6		)
Net loss on extinguishments of long-term debt	—			(55.5		)	—			—			—		—			(55.5		)
Management fee	—			3.4			—			(3.4		)	—		—			—
Other (expense) income, net	—			(0.5		)	0.6			0.3			—		—			0.4
(Loss) income before income taxes	(24.4		)	(325.5		)	452.1			10.7			—		—			112.9
Income tax benefit (expense)	9.2			121.0			(167.8		)	(2.5		)	—		—			(40.1		)
(Loss) income before equity in earnings of subsidiaries	(15.2		)	(204.5		)	284.3			8.2			—		—			72.8
Equity in earnings of subsidiaries	88.0			292.5			—			—			—		(380.5		)	—
Net income	$	72.8		$	88.0		$	284.3		$	8.2		$	—	$	(380.5	)	$	72.8

Consolidating Statement of Operations
Three Months Ended September 30, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	3,140.6		$	125.5		$	—	$	—		$	3,266.1
Cost of sales	—		—			2,648.8			110.0			—		—			2,758.8
Gross profit	—		—			491.8			15.5			—		—			507.3
Selling and administrative expenses	—		28.3			248.7			8.4			—		—			285.4
Advertising expense	—		—			36.4			0.8			—		—			37.2
(Loss) income from operations	—		(28.3		)	206.7			6.3			—		—			184.7
Interest (expense) income, net	—		(50.2		)	0.1			—			—		—			(50.1		)
Net loss on extinguishments of long-term debt	—		(45.8		)	—			—			—		—			(45.8		)
Management fee	—		0.9			—			(0.9		)	—		—			—
Other income (expense), net	—		—			0.6			0.1			—		—			0.7
(Loss) income before income taxes	—		(123.4		)	207.4			5.5			—		—			89.5
Income tax benefit (expense)	—		46.0			(78.4		)	(1.5		)	—		—			(33.9		)
(Loss) income before equity in earnings of subsidiaries	—		(77.4		)	129.0			4.0			—		—			55.6
Equity in earnings of subsidiaries	55.6		133.0			—			—			—		(188.6		)	—
Net income	$	55.6	$	55.6		$	129.0		$	4.0		$	—	$	(188.6	)	$	55.6

Consolidating Statement of Operations
Nine Months Ended September 30, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	8,631.7		$	392.7		$	—	$	—		$	9,024.4
Cost of sales	—		—			7,248.7			346.3			—		—			7,595.0
Gross profit	—		—			1,383.0			46.4			—		—			1,429.4
Selling and administrative expenses	—		82.0			712.3			25.9			—		—			820.2
Advertising expense	—		—			97.8			2.7			—		—			100.5
(Loss) income from operations	—		(82.0		)	572.9			17.8			—		—			508.7
Interest (expense) income, net	—		(149.0		)	0.1			0.2			—		—			(148.7		)
Net loss on extinguishments of long-term debt	—		(53.8		)	—			—			—		—			(53.8		)
Management fee	—		2.9			—			(2.9		)	—		—			—
Other income (expense), net	—		0.1			1.4			(0.1		)	—		—			1.4
(Loss) income before income taxes	—		(281.8		)	574.4			15.0			—		—			307.6
Income tax benefit (expense)	—		105.1			(215.6		)	(4.0		)	—		—			(114.5		)
(Loss) income before equity in earnings of subsidiaries	—		(176.7		)	358.8			11.0			—		—			193.1
Equity in earnings of subsidiaries	193.1		369.8			—			—			—		(562.9		)	—
Net income	$	193.1	$	193.1		$	358.8		$	11.0		$	—	$	(562.9	)	$	193.1

Consolidating Statement of Operations
Three Months Ended September 30, 2013
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	2,753.4		$	110.9		$	—	$	—		$	2,864.3
Cost of sales	—			—			2,309.0			96.9			—		—			2,405.9
Gross profit	—			—			444.4			14.0			—		—			458.4
Selling and administrative expenses	24.4			20.6			278.6			8.8			—		—			332.4
Advertising expense	—			—			31.9			1.2			—		—			33.1
(Loss) income from operations	(24.4		)	(20.6		)	133.9			4.0			—		—			92.9
Interest (expense) income, net	—			(56.4		)	0.2			—			—		—			(56.2		)
Net loss on extinguishments of long-term debt	—			(41.3		)	—			—			—		—			(41.3		)
Management fee	—			1.0			—			(1.0		)	—		—			—
Other (expense) income, net	—			(0.4		)	0.2			—			—		—			(0.2		)
(Loss) income before income taxes	(24.4		)	(117.7		)	134.3			3.0			—		—			(4.8		)
Income tax benefit (expense)	9.2			43.6			(49.4		)	(0.8		)	—		—			2.6
(Loss) income before equity in earnings of subsidiaries	(15.2		)	(74.1		)	84.9			2.2			—		—			(2.2		)
Equity in earnings of subsidiaries	13.0			87.1			—			—			—		(100.1		)	—
Net income	$	(2.2	)	$	13.0		$	84.9		$	2.2		$	—	$	(100.1	)	$	(2.2	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended September 30, 2013
(in millions)	Parent Guarantor			Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income (loss)	$	(0.2	)	$	15.0	$	84.9	$	4.2	$	—	$	(104.1	)	$	(0.2	)

Condensed Consolidating Statement of Comprehensive Income
Nine Months Ended September 30, 2013
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income (loss)	$	69.1	$	84.2	$	284.3	$	4.5	$	—	$	(373.0	)	$	69.1

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended September 30, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income (loss)	$	50.4	$	50.4	$	129.0	$	(1.2	)	$	—	$	(178.2	)	$	50.4

Condensed Consolidating Statement of Comprehensive Income
Nine Months Ended September 30, 2014
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiary		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income (loss)	$	187.7	$	187.7	$	358.8	$	5.6	$	—	$	(552.1	)	$	187.7

Condensed Consolidating Statements Cash Flows

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2013
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash (used in) provided by operating activities	$	(15.2	)	$	(71.5	)	$	425.5		$	19.0		$	—	$	13.0		$	370.8
Cash flows from investing activities:
Capital expenditures	—			(27.2		)	(3.2		)	(0.1		)	—		—			(30.5		)
Net cash used in investing activities	—			(27.2		)	(3.2		)	(0.1		)	—		—			(30.5		)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility	—			63.0			—			—			—		—			63.0
Repayments of borrowings under revolving credit facility	—			(63.0		)	—			—			—		—			(63.0		)
Repayments of long-term debt	—			(47.2		)	—			—			—		—			(47.2		)
Proceeds from issuance of long-term debt	—			1,535.2			—			—			—		—			1,535.2
Payments to extinguish long-term debt	—			(1,885.9		)	—			—			—		—			(1,885.9		)
Net change in accounts payable - inventory financing	—			—			(24.0		)	—			—		—			(24.0		)
Prepayment of Incentive compensation plan withholding taxes	—			(4.0		)	(19.6		)	(0.5		)	—		—			(24.1		)
Net proceeds from issuance of common shares	424.7			—			—			—			—		—			424.7
Advances from (to) affiliates	(409.5		)	788.1			(378.7		)	0.1			—		—			—
Other financing activities	—			(6.1		)	—			—			—		—			(6.1		)
Net cash provided by (used in) financing activities	15.2			380.1			(422.3		)	(0.4		)	—		—			(27.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(0.6		)	—		—			(0.6		)
Net increase in cash and cash equivalents	—			281.4			—			17.9			—		13.0			312.3
Cash and cash equivalents—beginning of period	—			48.0			—			9.8			—		(19.9		)	37.9
Cash and cash equivalents—end of period	$	—		$	329.4		$	—		$	27.7		$	—	$	(6.9	)	$	350.2

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2014
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiary			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash (used in) provided by operating activities	$	—		$	(127.2	)	$	450.9		$	17.1		$	—	$	9.7		$	350.5
Cash flows from investing activities:
Capital expenditures	—			(29.9		)	(4.5		)	—			—		—			(34.4		)
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II	—			(20.9		)	—			—			—		—			(20.9		)
Premium payments on interest rate cap agreements	—			(0.7		)	—			—			—		—			(0.7		)
Net cash used in investing activities	—			(51.5		)	(4.5		)	—			—		—			(56.0		)
Cash flows from financing activities:
Repayments of long-term debt	—			(11.6		)	—			—			—		—			(11.6		)
Proceeds from the issuance of long-term debt	—			600.0			—			—			—		—			600.0
Payments to extinguish long-term debt	—			(723.9		)	—			—			—		—			(723.9		)
Payments of debt financing costs	—			(14.4		)	—			—			—		—			(14.4		)
Net change in accounts payable-inventory financing	—			—			43.1			—			—		—			43.1
Proceeds from stock option exercises	—			1.1			—			—			—		—			1.1
Proceeds from Coworker Stock Purchase Plan	—			3.7			—			—			—		—			3.7
Dividends paid	(21.9		)	—			—			—			—		—			(21.9		)
Excess tax benefits from equity-based compensation	—			0.2			—			—			—		—			0.2
Advances from (to) affiliates	21.9			467.1			(489.5		)	0.5			—		—			—
Net cash provided by (used in) financing activities	—			322.2			(446.4		)	0.5			—		—			(123.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(1.1		)	—		—			(1.1		)
Net increase in cash and cash equivalents	—			143.5			—			16.5			—		9.7			169.7
Cash and cash equivalents—beginning of period	—			196.5			—			14.0			—		(22.4		)	188.1
Cash and cash equivalents—end of period	$	—		$	340.0		$	—		$	30.5		$	—	$	(12.7	)	$	357.8