Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2018

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheet
September 30, 2018
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	220.9	$	—	$	49.5	$	—	$	(15.3	)	$	255.1
Accounts receivable, net	—		—		2,338.3		312.2		—		—			2,650.5
Merchandise inventory	—		—		419.7		61.4		—		—			481.1
Miscellaneous receivables	—		123.6		228.6		18.2		—		—			370.4
Prepaid expenses and other	—		17.4		133.3		41.7		—		—			192.4
Total current assets	—		361.9		3,119.9		483.0		—		(15.3		)	3,949.5
Property and equipment, net	—		84.4		40.9		22.5		—		—			147.8
Goodwill	—		751.8		1,439.0		278.7		—		—			2,469.5
Other intangible assets, net	—		272.7		317.4		168.1		—		—			758.2
Other assets	1.4		64.9		151.8		2.1		—		(169.8		)	50.4
Investment in and advances to subsidiaries	1,159.3		3,115.3		—		—		—		(4,274.6		)	—
Total Assets	$	1,160.7	$	4,651.0	$	5,069.0	$	954.4	$	—	$	(4,459.7	)	$	7,375.4
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	24.9	$	1,431.2	$	169.1	$	—	$	(15.3	)	$	1,609.9
Accounts payable-inventory financing	—		0.2		395.1		12.3		—		—			407.6
Current maturities of long-term debt	—		14.9		4.1		13.0		—		—			32.0
Contract liabilities	—		—		112.8		75.7		—		—			188.5
Accrued expenses and other current liabilities	—		217.1		283.3		65.5		—		—			565.9
Total current liabilities	—		257.1		2,226.5		335.6		—		(15.3		)	2,803.9
Long-term liabilities:
Debt	—		3,124.2		4.3		58.9		—		—			3,187.4
Deferred income taxes	—		63.4		68.6		27.8		—		(1.4		)	158.4
Other liabilities	—		47.0		5.7		180.7		—		(168.4		)	65.0
Total long-term liabilities	—		3,234.6		78.6		267.4		—		(169.8		)	3,410.8
Total stockholders' equity	1,160.7		1,159.3		2,763.9		351.4		—		(4,274.6		)	1,160.7
Total Liabilities and Stockholders' Equity	$	1,160.7	$	4,651.0	$	5,069.0	$	954.4	$	—	$	(4,459.7	)	$	7,375.4

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 September 30, 2018
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	3,921.6		$	451.6		$	—	$	—		$	4,373.2
Cost of sales	—			—			3,286.6			373.0			—		—			3,659.6
Gross profit	—			—			635.0			78.6			—		—			713.6
Selling and administrative expenses	—			33.7			299.8			57.2			—		—			390.7
Advertising expense	—			—			45.9			2.2			—		—			48.1
Income (loss) from operations	—			(33.7		)	289.3			19.2			—		—			274.8
Interest (expense) income, net	—			(36.1		)	0.9			(1.4		)	—		—			(36.6		)
Other income	—			—			0.1			0.1			—		—			0.2
Income (loss) before income taxes	—			(69.8		)	290.3			17.9			—		—			238.4
Income tax (expense) benefit	(0.1		)	20.5			(75.3		)	0.2			—		—			(54.7		)
Income (loss) before equity in earnings of subsidiaries	(0.1		)	(49.3		)	215.0			18.1			—		—			183.7
Equity in earnings of subsidiaries	183.8			233.1			—			—			—		(416.9		)	—
Net income	$	183.7		$	183.8		$	215.0		$	18.1		$	—	$	(416.9	)	$	183.7

Consolidating Statement of Operations
Three Months Ended September 30, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	3,552.1		$	381.1		$	—	$	—		$	3,933.2
Cost of sales	—		—			2,974.9			316.1			—		—			3,291.0
Gross profit	—		—			577.2			65.0			—		—			642.2
Selling and administrative expenses	—		31.8			271.8			48.3			—		—			351.9
Advertising expense	—		—			43.8			2.5			—		—			46.3
Income (loss) from operations	—		(31.8		)	261.6			14.2			—		—			244.0
Interest (expense) income, net	—		(37.3		)	1.0			(1.5		)	—		—			(37.8		)
Other income (expense)	—		(0.2		)	0.3			0.6			—		—			0.7
Income (loss) before income taxes	—		(69.3		)	262.9			13.3			—		—			206.9
Income tax (expense) benefit	—		26.2			(100.5		)	(3.3		)	—		—			(77.6		)
Income (loss) before equity in earnings of subsidiaries	—		(43.1		)	162.4			10.0			—		—			129.3
Equity in earnings of subsidiaries	129.3		172.4			—			—			—		(301.7		)	—
Net income	$	129.3	$	129.3		$	162.4		$	10.0		$	—	$	(301.7	)	$	129.3

Consolidating Statement of Operations
Nine Months Ended September 30, 2018
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	10,743.7		$	1,422.0		$	—	$	—		$	12,165.7
Cost of sales	—			—			8,966.6			1,186.0			—		—			10,152.6
Gross profit	—			—			1,777.1			236.0			—		—			2,013.1
Selling and administrative expenses	—			103.3			861.8			169.7			—		—			1,134.8
Advertising expense	—			—			128.3			5.6			—		—			133.9
Income (loss) from operations	—			(103.3		)	787.0			60.7			—		—			744.4
Interest (expense) income, net	—			(109.9		)	2.8			(4.4		)	—		—			(111.5		)
Other income	—			—			0.6			0.4			—		—			1.0
Income (loss) before income taxes	—			(213.2		)	790.4			56.7			—		—			633.9
Income tax (expense) benefit	(0.3		)	61.5			(202.6		)	(8.8		)	—		—			(150.2		)
Income (loss) before equity in earnings of subsidiaries	(0.3		)	(151.7		)	587.8			47.9			—		—			483.7
Equity in earnings of subsidiaries	484.0			635.7			—			—			—		(1,119.7		)	—
Net income	$	483.7		$	484.0		$	587.8		$	47.9		$	—	$	(1,119.7	)	$	483.7

Consolidating Statement of Operations
Nine Months Ended September 30, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	9,966.3		$	1,114.5		$	—	$	—		$	11,080.8
Cost of sales	—		—			8,315.4			928.9			—		—			9,244.3
Gross profit	—		—			1,650.9			185.6			—		—			1,836.5
Selling and administrative expenses	—		95.8			826.4			140.6			—		—			1,062.8
Advertising expense	—		—			122.6			5.5			—		—			128.1
Income (loss) from operations	—		(95.8		)	701.9			39.5			—		—			645.6
Interest (expense) income, net	—		(111.8		)	3.1			(4.7		)	—		—			(113.4		)
Net loss on extinguishments of long-term debt	—		(57.4		)	—			—			—		—			(57.4		)
Other income	—		—			0.4			1.5			—		—			1.9
Income (loss) before income taxes	—		(265.0		)	705.4			36.3			—		—			476.7
Income tax (expense) benefit	—		112.8			(251.8		)	(9.4		)	—		—			(148.4		)
Income (loss) before equity in earnings of subsidiaries	—		(152.2		)	453.6			26.9			—		—			328.3
Equity in earnings of subsidiaries	328.3		480.5			—			—			—		(808.8		)	—
Net income	$	328.3	$	328.3		$	453.6		$	26.9		$	—	$	(808.8	)	$	328.3

Condensed Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended September 30, 2018
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	180.6	$	180.7	$	215.0	$	14.9	$	—	$	(410.6	)	$	180.6

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended September 30, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	143.6	$	143.6	$	162.4	$	24.0	$	—	$	(330.0	)	$	143.6

Condensed Consolidating Statement of Comprehensive Income
Nine Months Ended September 30, 2018
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	471.4	$	471.7	$	587.8	$	30.0	$	—	$	(1,089.5	)	$	471.4

Condensed Consolidating Statement of Comprehensive Income
Nine Months Ended September 30, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	366.4	$	366.4	$	453.6	$	66.4	$	—	$	(886.4	)	$	366.4

Condensed Consolidating Statements Cash Flows

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 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	$	—		$	(78.9	)	$	608.4		$	80.2		$	—	$	(7.4	)	$	602.3
Cash flows used in investing activities:
Capital expenditures	—			(40.9		)	(3.5		)	(9.0		)	—		—			(53.4		)
Net cash used in investing activities	—			(40.9		)	(3.5		)	(9.0		)	—		—			(53.4		)
Cash flows (used in) provided by financing activities:
Proceeds from borrowings under revolving credit facilities	—			640.0			—			48.9			—		—			688.9
Repayments of borrowings under revolving credit facilities	—			(640.0		)	—			(41.9		)	—		—			(681.9		)
Repayments of long-term debt	—			(11.2		)	—			(7.0		)	—		—			(18.2		)
Payments of debt financing costs	—			(1.0		)	—			—			—		—			(1.0		)
Net change in accounts payable-inventory financing	—			(0.8		)	(85.8		)	(3.5		)	—		—			(90.1		)
Premium payments on interest rate cap agreements	—			(12.6		)	—			—			—		—			(12.6		)
Proceeds from stock option exercises	—			24.4			—			—			—		—			24.4
Proceeds from Coworker Stock Purchase Plan	—			8.4			—			—			—		—			8.4
Repurchases of common stock	(232.5		)	—			—			—			—		—			(232.5		)
Payment of incentive compensation plan withholding taxes	(27.1		)	—			—			—			—		—			(27.1		)
Dividends	(95.5		)	—			—			—			—		—			(95.5		)
Repayment of intercompany loan	—			—			47.5			(47.5		)	—		—			—
Other	—			6.6			(4.3		)	(0.4		)	—		—			1.9
Distributions and advances from (to) affiliates	355.1			213.2			(562.3		)	—			—		(6.0		)	—
Net cash (used in) provided by financing activities	—			227.0			(604.9		)	(51.4		)	—		(6.0		)	(435.3		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(2.7		)	—		—			(2.7		)
Net increase in cash and cash equivalents	—			107.2			—			17.1			—		(13.4		)	110.9
Cash and cash equivalents—beginning of period	—			113.7			—			32.4			—		(1.9		)	144.2
Cash and cash equivalents—end of period	$	—		$	220.9		$	—		$	49.5		$	—	$	(15.3	)	$	255.1

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2017
(as adjusted)
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net cash provided by (used in) operating activities	$	42.4		$	(17.7	)	$	422.4		$	14.0		$	—	$	(22.0	)	$	439.1
Cash flows used in investing activities:
Capital expenditures	—			(40.0		)	(4.8		)	(13.8		)	—		—			(58.6		)
Net cash used in investing activities	—			(40.0		)	(4.8		)	(13.8		)	—		—			(58.6		)
Cash flows (used in) provided by financing activities:
Proceeds from borrowings under revolving credit facilities	—			1,233.3			—			45.8			—		—			1,279.1
Repayments of borrowings under revolving credit facilities	—			(1,057.0		)	—			(30.5		)	—		—			(1,087.5		)
Repayments of long-term debt	—			(11.2		)	—			—			—		—			(11.2		)
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 costs	—			(9.6		)	—			—			—		—			(9.6		)
Net change in accounts payable-inventory financing	—			(1.2		)	(52.9		)	12.7			—		—			(41.4		)
Proceeds from stock option exercises	—			9.1			—			—			—		—			9.1
Proceeds from Coworker Stock Purchase Plan	—			7.6			—			—			—		—			7.6
Repurchases of common stock	(534.0		)	—			—			—			—		—			(534.0		)
Payment of incentive compensation plan withholding taxes	—			(16.0		)	(24.0		)	(2.0		)	—		—			(42.0		)
Dividends	(74.7		)	—			—			—			—		—			(74.7		)
Repayment of intercompany loan	—			—			34.3			(34.3		)	—		—			—
Other	—			0.2			(4.1		)	(0.8		)	—		—			(4.7		)
Distributions and advances from (to) affiliates	566.3			(202.6		)	(374.0		)	—			—		10.3			—
Net cash used in financing activities	(42.4		)	(85.7		)	(420.7		)	(9.1		)	—		10.3			(547.6		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			1.3			—		—			1.3
Net decrease in cash and cash equivalents	—			(143.4		)	(3.1		)	(7.6		)	—		(11.7		)	(165.8		)
Cash and cash equivalents—beginning of period	—			222.7			3.1			37.9			—		—			263.7
Cash and cash equivalents—end of period	$	—		$	79.3		$	—		$	30.3		$	—	$	(11.7	)	$	97.9