Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheet
March 31, 2018
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	173.3	$	—	$	65.9	$	—	$	(18.2	)	$	221.0
Accounts receivable, net	—		—		1,898.8		375.2		—		—			2,274.0
Merchandise inventory	—		—		401.0		84.8		—		—			485.8
Miscellaneous receivables	—		105.2		182.7		22.3		—		—			310.2
Prepaid expenses and other	—		21.5		119.9		47.5		—		—			188.9
Total current assets	—		300.0		2,602.4		595.7		—		(18.2		)	3,479.9
Property and equipment, net	—		87.7		42.1		23.3		—		—			153.1
Goodwill	—		751.8		1,439.0		298.0		—		—			2,488.8
Other intangible assets, net	—		277.4		388.6		193.0		—		—			859.0
Other assets	1.6		52.1		207.5		2.8		—		(216.9		)	47.1
Investment in and advances to subsidiaries	995.3		3,016.8		—		—		—		(4,012.1		)	—
Total Assets	$	996.9	$	4,485.8	$	4,679.6	$	1,112.8	$	—	$	(4,247.2	)	$	7,027.9
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	24.6	$	1,063.6	$	218.5	$	—	$	(18.2	)	$	1,288.5
Accounts payable-inventory financing	—		—		481.8		41.9		—		—			523.7
Current maturities of long-term debt	—		14.9		3.8		7.1		—		—			25.8
Contract liabilities	—		—		100.4		93.2		—		—			193.6
Accrued expenses and other current liabilities	—		210.6		263.4		76.9		—		—			550.9
Total current liabilities	—		250.1		1,913.0		437.6		—		(18.2		)	2,582.5
Long-term liabilities:
Debt	—		3,131.2		8.3		70.2		—		—			3,209.7
Deferred income taxes	—		69.0		89.3		32.2		—		(1.6		)	188.9
Other liabilities	—		40.2		4.9		220.1		—		(215.3		)	49.9
Total long-term liabilities	—		3,240.4		102.5		322.5		—		(216.9		)	3,448.5
Total stockholders' equity	996.9		995.3		2,664.1		352.7		—		(4,012.1		)	996.9
Total Liabilities and Stockholders' Equity	$	996.9	$	4,485.8	$	4,679.6	$	1,112.8	$	—	$	(4,247.2	)	$	7,027.9

Condensed Consolidating Balance Sheet
December 31, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	113.7	$	—	$	32.4	$	—	$	(1.9	)	$	144.2
Accounts receivable, net	—		—		2,015.7		313.6		—		—			2,329.3
Merchandise inventory	—		—		354.6		56.9		—		—			411.5
Miscellaneous receivables	—		103.9		211.1		28.0		—		—			343.0
Prepaid expenses and other	—		18.0		100.4		49.9		—		—			168.3
Total current assets	—		235.6		2,681.8		480.8		—		(1.9		)	3,396.3
Property and equipment, net	—		95.0		43.5		22.6		—		—			161.1
Goodwill	—		751.8		1,439.0		288.8		—		—			2,479.6
Other intangible assets, net	—		280.1		424.5		192.4		—		—			897.0
Other assets	1.7		30.7		209.3		2.6		—		(211.6		)	32.7
Investment in and advances to subsidiaries	983.9		3,066.1		—		—		—		(4,050.0		)	—
Total Assets	$	985.6	$	4,459.3	$	4,798.1	$	987.2	$	—	$	(4,263.5	)	$	6,966.7
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable-trade	$	—	$	42.5	$	1,112.1	$	165.0	$	—	$	(1.9	)	$	1,317.7
Accounts payable-inventory financing	—		1.0		480.9		16.1		—		—			498.0
Current maturities of long-term debt	—		14.9		3.8		6.8		—		—			25.5
Contract liabilities	—		—		87.5		71.3		—		—			158.8
Accrued expenses and other current liabilities	—		173.3		262.0		86.8		—		—			522.1
Total current liabilities	—		231.7		1,946.3		346.0		—		(1.9		)	2,522.1
Long-term liabilities:
Debt	—		3,134.2		8.3		67.5		—		—			3,210.0
Deferred income taxes	—		66.5		100.1		31.4		—		(1.7		)	196.3
Other liabilities	—		43.0		4.7		214.9		—		(209.9		)	52.7
Total long-term liabilities	—		3,243.7		113.1		313.8		—		(211.6		)	3,459.0
Total stockholders' equity	985.6		983.9		2,738.7		327.4		—		(4,050.0		)	985.6
Total Liabilities and Stockholders' Equity	$	985.6	$	4,459.3	$	4,798.1	$	987.2	$	—	$	(4,263.5	)	$	6,966.7

Consolidating Statements of Operations

Consolidating Statement of Operations
Three Months Ended March 31, 2018
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	3,123.4		$	483.0		$	—	$	—		$	3,606.4
Cost of sales	—			—			2,597.0			405.5			—		—			3,002.5
Gross profit	—			—			526.4			77.5			—		—			603.9
Selling and administrative expenses	—			34.5			272.4			55.8			—		—			362.7
Advertising expense	—			—			35.2			1.9			—		—			37.1
Income (loss) from operations	—			(34.5		)	218.8			19.8			—		—			204.1
Interest (expense) income, net	—			(37.1		)	1.0			(1.6		)	—		—			(37.7		)
Other (expense) income	—			—			0.4			(1.1		)	—		—			(0.7		)
Income (loss) before income taxes	—			(71.6		)	220.2			17.1			—		—			165.7
Income tax (expense) benefit	(0.1		)	20.8			(55.3		)	(4.1		)	—		—			(38.7		)
Income (loss) before equity in earnings of subsidiaries	(0.1		)	(50.8		)	164.9			13.0			—		—			127.0
Equity in earnings of subsidiaries	127.1			177.9			—			—			—		(305.0		)	—
Net income	$	127.0		$	127.1		$	164.9		$	13.0		$	—	$	(305.0	)	$	127.0

Consolidating Statement of Operations
Three Months Ended March 31, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	2,886.3		$	369.7		$	—	$	—		$	3,256.0
Cost of sales	—		—			2,393.0			309.5			—		—			2,702.5
Gross profit	—		—			493.3			60.2			—		—			553.5
Selling and administrative expenses	—		31.5			269.8			46.1			—		—			347.4
Advertising expense	—		—			34.0			1.4			—		—			35.4
Income (loss) from operations	—		(31.5		)	189.5			12.7			—		—			170.7
Interest (expense) income, net	—		(39.1		)	1.0			(1.6		)	—		—			(39.7		)
Net loss on extinguishments of long-term debt	—		(57.4		)	—			—			—		—			(57.4		)
Other income	—		—			0.2			0.7			—		—			0.9
Income (loss) before income taxes	—		(128.0		)	190.7			11.8			—		—			74.5
Income tax (expense) benefit	—		57.3			(70.6		)	(3.0		)	—		—			(16.3		)
Income (loss) before equity in earnings of subsidiaries	—		(70.7		)	120.1			8.8			—		—			58.2
Equity in earnings of subsidiaries	58.2		128.9			—			—			—		(187.1		)	—
Net income	$	58.2	$	58.2		$	120.1		$	8.8		$	—	$	(187.1	)	$	58.2

Condensed Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended March 31, 2018
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	144.4	$	144.5	$	164.9	$	27.2	$	—	$	(336.6	)	$	144.4

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended March 31, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	64.3	$	64.3	$	120.1	$	15.3	$	—	$	(199.7	)	$	64.3

Condensed Consolidating Statements Cash Flows

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2018
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash provided by (used in) operating activities	$	—		$	(13.8	)	$	239.6		$	10.8		$	—	$	(14.4	)	$	222.2
Cash flows used in investing activities:
Capital expenditures	—			(11.1		)	(1.2		)	(3.6		)	—		—			(15.9		)
Net cash used in investing activities	—			(11.1		)	(1.2		)	(3.6		)	—		—			(15.9		)
Cash flows (used in) provided by financing activities:
Proceeds from borrowings under revolving credit facilities	—			163.0			—			7.0			—		—			170.0
Repayments of borrowings under revolving credit facilities	—			(163.0		)	—			(7.0		)	—		—			(170.0		)
Repayments of long-term debt	—			(3.7		)	—			—			—		—			(3.7		)
Net change in accounts payable-inventory financing	—			(0.9		)	1.0			24.8			—		—			24.9
Premium payments on interest rate cap agreements	—			(12.6		)	—			—			—		—			(12.6		)
Proceeds from stock option exercises	—			7.3			—			—			—		—			7.3
Proceeds from Coworker Stock Purchase Plan	—			2.4			—			—			—		—			2.4
Repurchases of common stock	(109.2		)	—			—			—			—		—			(109.2		)
Payment of incentive compensation plan withholding taxes	(8.7		)	—			—			—			—		—			(8.7		)
Dividends	(32.0		)	—			—			—			—		—			(32.0		)
Other	—			0.7			(0.1		)	(0.2		)	—		—			0.4
Distributions and advances from (to) affiliates	149.9			91.3			(239.3		)	—			—		(1.9		)	—
Net cash (used in) provided by financing activities	—			84.5			(238.4		)	24.6			—		(1.9		)	(131.2		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			1.7			—		—			1.7
Net increase in cash and cash equivalents	—			59.6			—			33.5			—		(16.3		)	76.8
Cash and cash equivalents—beginning of period	—			113.7			—			32.4			—		(1.9		)	144.2
Cash and cash equivalents—end of period	$	—		$	173.3		$	—		$	65.9		$	—	$	(18.2	)	$	221.0

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2017
(as adjusted)
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash provided by operating activities	$	—		$	24.5		$	333.2		$	38.2		$	—	$	(26.0	)	$	369.9
Cash flows from investing activities:
Capital expenditures	—			(14.6		)	(2.4		)	(2.6		)	—		—			(19.6		)
Net cash used in investing activities	—			(14.6		)	(2.4		)	(2.6		)	—		—			(19.6		)
Cash flows (used in) provided by financing activities:
Proceeds from borrowings under revolving credit facilities	—			38.0			—			6.1			—		—			44.1
Repayments of borrowings under revolving credit facilities	—			—			—			(6.1		)	—		—			(6.1		)
Repayments of long-term debt	—			(3.7		)	—			—			—		—			(3.7		)
Proceeds from issuance of long-term debt	—			2,083.0			—			—			—		—			2,083.0
Payments to extinguish long-term debt	—			(2,121.3		)	—			—			—		—			(2,121.3		)
Payment of debt financing fees	—			(9.6		)	—			—			—		—			(9.6		)
Net change in accounts payable-inventory financing	—			(0.9		)	(132.2		)	(2.6		)	—		—			(135.7		)
Proceeds from stock option exercises	—			4.4			—			—			—		—			4.4
Proceeds from Coworker Stock Purchase Plan	—			2.1			—			—			—		—			2.1
Repurchases of common stock	(175.4		)	—			—			—			—		—			(175.4		)
Payment of incentive compensation plan withholding taxes	—			(10.4		)	(7.7		)	(0.2		)	—		—			(18.3		)
Dividends	(25.5		)	—			—			—			—		—			(25.5		)
Other	—			—			—			(0.2		)	—		—			(0.2		)
Distributions and advances from (to) affiliates	200.9			(9.3		)	(194.0		)	—			—		2.4			—
Net cash used in financing activities	—			(27.7		)	(333.9		)	(3.0		)	—		2.4			(362.2		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(0.1		)	—		—			(0.1		)
Net (decrease) increase in cash and cash equivalents	—			(17.8		)	(3.1		)	32.5			—		(23.6		)	(12.0		)
Cash and cash equivalents—beginning of period	—			222.7			3.1			37.9			—		—			263.7
Cash and cash equivalents—end of period	$	—		$	204.9		$	—		$	70.4		$	—	$	(23.6	)	$	251.7