Supplemental Guarantor Information (Tables)

12 Months Ended

Dec. 31, 2018

Supplemental Guarantor Information [Abstract]

Schedule of Condensed Balance Sheet

Condensed Consolidating Balance Sheet
December 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	$	—	$	176.0	$	—	$	46.7	$	—	$	(16.9	)	$	205.8
Accounts receivable, net	—		—		2,331.2		340.0		—		—			2,671.2
Merchandise inventory	—		—		387.4		66.9		—		—			454.3
Miscellaneous receivables	—		110.6		187.7		18.1		—		—			316.4
Prepaid expenses and other	—		17.1		93.8		38.2		—		—			149.1
Total current assets	—		303.7		3,000.1		509.9		—		(16.9		)	3,796.8
Property and equipment, net	—		82.3		52.0		21.8		—		—			156.1
Goodwill	—		751.8		1,437.8		273.2		—		—			2,462.8
Other intangible assets, net	—		252.5		300.0		159.7		—		—			712.2
Other assets	1.4		49.8		9.6		140.2		—		(161.2		)	39.8
Investment in and advances to subsidiaries	973.8		3,028.9		—		—		—		(4,002.7		)	—
Total Assets	$	975.2	$	4,469.0	$	4,799.5	$	1,104.8	$	—	$	(4,180.8	)	$	7,167.7
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable-trade	$	—	$	39.2	$	1,387.9	$	166.9	$	—	$	(16.9	)	$	1,577.1
Accounts payable-inventory financing	—		0.2		406.1		23.0		—		—			429.3
Current maturities of long-term debt	—		14.9		4.0		6.4		—		—			25.3
Contract liabilities	—		—		95.6		82.7		—		—			178.3
Accrued expenses and other current liabilities	—		217.6		306.7		68.8		—		—			593.1
Total current liabilities	—		271.9		2,200.3		347.8		—		(16.9		)	2,803.1
Long-term liabilities:
Debt	—		3,121.3		4.3		57.7		—		—			3,183.3
Deferred income taxes	—		55.9		60.5		26.9		—		(1.4		)	141.9
Other liabilities	—		46.1		5.7		172.2		—		(159.8		)	64.2
Total long-term liabilities	—		3,223.3		70.5		256.8		—		(161.2		)	3,389.4
Total stockholders' equity	975.2		973.8		2,528.7		500.2		—		(4,002.7		)	975.2
Total Liabilities and Stockholders' Equity	$	975.2	$	4,469.0	$	4,799.5	$	1,104.8	$	—	$	(4,180.8	)	$	7,167.7

 

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

Schedule of Condensed Income Statement

Consolidating Statement of Operations
Year Ended December 31, 2018
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	14,356.8		$	1,883.7		$	—	$	—		$	16,240.5
Cost of sales	—			—			11,962.7			1,570.9			—		—			13,533.6
Gross profit	—			—			2,394.1			312.8			—		—			2,706.9
Selling and administrative expenses	—			138.3			1,176.8			222.0			—		—			1,537.1
Advertising expense	—			—			173.9			8.6			—		—			182.5
Operating income (loss)	—			(138.3		)	1,043.4			82.2			—		—			987.3
Interest (expense) income, net	—			(146.7		)	3.5			(5.4		)	—		—			(148.6		)
Other income (expense), net	—			(0.2		)	0.7			1.3			—		—			1.8
Income (loss) before income taxes	—			(285.2		)	1,047.6			78.1			—		—			840.5
Income tax (expense) benefit	(0.4		)	67.0			(249.8		)	(14.3		)	—		—			(197.5		)
Income (loss) before equity in earnings of subsidiaries	(0.4		)	(218.2		)	797.8			63.8			—		—			643.0
Equity in earnings of subsidiaries	643.4			861.6			—			—			—		(1,505.0		)	—
Net income	$	643.0		$	643.4		$	797.8		$	63.8		$	—	$	(1,505.0	)	$	643.0

Consolidating Statement of Operations
Year Ended December 31, 2017
(as adjusted)
(in millions)	Parent Guarantor			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—		$	—		$	13,299.8		$	1,533.1		$	—	$	—		$	14,832.9
Cost of sales	—			—			11,103.5			1,279.2			—		—			12,382.7
Gross profit	—			—			2,196.3			253.9			—		—			2,450.2
Selling and administrative expenses	—			127.2			1,093.3			189.5			—		—			1,410.0
Advertising expense	—			—			166.4			7.3			—		—			173.7
Operating income (loss)	—			(127.2		)	936.6			57.1			—		—			866.5
Interest (expense) income, net	—			(148.3		)	4.1			(6.3		)	—		—			(150.5		)
Net loss on extinguishments of long-term debt	—			(57.4		)	—			—			—		—			(57.4		)
Other income (expense), net	—			(0.1		)	0.7			1.5			—		—			2.1
Income (loss) before income taxes	—			(333.0		)	941.4			52.3			—		—			660.7
Income tax (expense) benefit	(0.9		)	149.9			(270.2		)	(16.4		)	—		—			(137.6		)
Income (loss) before equity in earnings of subsidiaries	(0.9		)	(183.1		)	671.2			35.9			—		—			523.1
Equity in earnings of subsidiaries	524.0			707.1			—			—			—		(1,231.1		)	—
Net income	$	523.1		$	524.0		$	671.2		$	35.9		$	—	$	(1,231.1	)	$	523.1

Consolidating Statement of Operations
Year Ended December 31, 2016
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Net sales	$	—	$	—		$	12,330.4		$	1,342.3		$	—	$	—		$	13,672.7
Cost of sales	—		—			10,225.5			1,118.9			—		—			11,344.4
Gross profit	—		—			2,104.9			223.4			—		—			2,328.3
Selling and administrative expenses	—		114.9			1,057.4			173.1			—		—			1,345.4
Advertising expense	—		—			157.2			5.7			—		—			162.9
Operating income (loss)	—		(114.9		)	890.3			44.6			—		—			820.0
Interest (expense) income, net	—		(145.8		)	6.7			(7.4		)	—		—			(146.5		)
Net loss on extinguishments of long-term debt	—		(2.1		)	—			—			—		—			(2.1		)
Other income, net	—		0.2			1.0			0.6			—		—			1.8
Income (loss) before income taxes	—		(262.6		)	898.0			37.8			—		—			673.2
Income tax (expense) benefit	—		79.8			(319.8		)	(8.1		)	—		—			(248.1		)
Income (loss) before equity in earnings of subsidiaries	—		(182.8		)	578.2			29.7			—		—			425.1
Equity in earnings of subsidiaries	425.1		607.9			—			—			—		(1,033.0		)	—
Net income	$	425.1	$	425.1		$	578.2		$	29.7		$	—	$	(1,033.0	)	$	425.1

Schedule of Condensed Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2018
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	608.3	$	608.7	$	797.8	$	31.1	$	—	$	(1,437.6	)	$	608.3

Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2017
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income	$	567.0	$	567.9	$	671.2	$	79.6	$	—	$	(1,318.7	)	$	567.0

Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2016
(as adjusted)
(in millions)	Parent Guarantor		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Co-Issuer		Consolidating Adjustments			Consolidated
Comprehensive income (loss)	$	346.4	$	346.4	$	578.2	$	(49.0	)	$	—	$	(875.6	)	$	346.4

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statement of Cash Flows
Year Ended December 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	$	—		$	(85.7	)	$	1,073.6		$	75.0		$	—	$	(157.0	)	$	905.9
Cash flows from investing activities:
Capital expenditures	—			(40.8		)	(34.5		)	(10.8		)	—		—			(86.1		)
Net cash used in investing activities	—			(40.8		)	(34.5		)	(10.8		)	—		—			(86.1		)
Cash flows (used in) provided by: financing activities:
Proceeds from borrowings under revolving credit facilities	—			640.0			—			46.7			—		—			686.7
Repayments of borrowings under revolving credit facilities	—			(640.0		)	—			(46.7		)	—		—			(686.7		)
Repayments of long-term debt	—			(14.9		)	—			(6.7		)	—		—			(21.6		)
Net change in accounts payable-inventory financing	—			(0.8		)	(74.7		)	8.1			—		—			(67.4		)
Repurchases of common stock	(522.3		)	—			—			—			—		—			(522.3		)
Payment of incentive compensation plan withholding taxes	(33.9		)	—			—			—			—		—			(33.9		)
Dividends	(139.4		)	—			—			—			—		—			(139.4		)
Repayment of intercompany loan	—			—			47.5			(47.5		)	—		—			—
Other	—			34.6			(4.4		)	(0.4		)	—		—			29.8
Distributions and advances from (to) affiliates	695.6			169.9			(1,007.5		)	—			—		142.0			—
Net cash (used in) provided by financing activities	—			188.8			(1,039.1		)	(46.5		)	—		142.0			(754.8		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(3.4		)	—		—			(3.4		)
Net increase in cash and cash equivalents	—			62.3			—			14.3			—		(15.0		)	61.6
Cash and cash equivalents – beginning of period	—			113.7			—			32.4			—		(1.9		)	144.2
Cash and cash equivalents – end of period	$	—		$	176.0		$	—		$	46.7		$	—	$	(16.9	)	$	205.8

Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 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	$	0.6		$	(71.1	)	$	788.5		$	52.3		$	—	$	7.4		$	777.7
Cash flows from investing activities:
Capital expenditures	—			(55.2		)	(6.3		)	(19.6		)	—		—			(81.1		)
Net cash used in investing activities	—			(55.2		)	(6.3		)	(19.6		)	—		—			(81.1		)
Cash flows (used in) provided by financing activities:
Proceeds from borrowings under revolving credit facility	—			1,501.5			—			59.2			—		—			1,560.7
Repayments of borrowings under revolving credit facility	—			(1,501.5		)	—			(59.2		)	—		—			(1,560.7		)
Repayments of long-term debt	—			(14.9		)	—			—			—		—			(14.9		)
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		)
Net change in accounts payable-inventory financing	—			(0.2		)	(78.4		)	(5.4		)	—		—			(84.0		)
Repurchases of common stock	(534.0		)	—			—			—			—		—			(534.0		)
Payment of incentive compensation plan withholding taxes	(49.6		)	—			—			—			—		—			(49.6		)
Dividends	(106.9		)	—			—			—			—		—			(106.9		)
Repayment of intercompany loan	—			—			34.3			(34.3		)	—		—			—
Other	—			14.1			(4.0		)	(1.1		)	—		—			9.0
Distributions and advances from (to) affiliates	689.9			56.6			(737.2		)	—			—		(9.3		)	—
Net cash (used in) provided by financing activities	(0.6		)	17.3			(785.3		)	(40.8		)	—		(9.3		)	(818.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			2.6			—		—			2.6
Net decrease in cash and cash equivalents	—			(109.0		)	(3.1		)	(5.5		)	—		(1.9		)	(119.5		)
Cash and cash equivalents—beginning of period	—			222.7			3.1			37.9			—		—			263.7
Cash and cash equivalents—end of period	$	—		$	113.7		$	—		$	32.4		$	—	$	(1.9	)	$	144.2

Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2016
(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	$	—		$	(158.5	)	$	695.5		$	56.1		$	—	$	10.9		$	604.0
Cash flows from investing activities:
Capital expenditures	—			(50.9		)	(7.6		)	(5.0		)	—		—			(63.5		)
Premium payments on interest rate cap agreements	—			(2.4		)	—			—			—		—			(2.4		)
Net cash used in investing activities	—			(53.3		)	(7.6		)	(5.0		)	—		—			(65.9		)
Cash flows (used in) provided by financing activities:
Proceeds from borrowings under revolving credit facility	—			329.6			—			9.2			—		—			338.8
Repayments of borrowings under revolving credit facility	—			(329.6		)	—			(9.2		)	—		—			(338.8		)
Repayments of long-term debt	—			(15.2		)	—			(5.4		)	—		—			(20.6		)
Proceeds from issuance of long-term debt	—			1,483.0			—			—			—		—			1,483.0
Payments to extinguish long-term debt	—			(1,490.4		)	—			—			—		—			(1,490.4		)
Net change in accounts payable-inventory financing	—			1.5			131.0			11.1			—		—			143.6
Repurchases of common stock	(367.4		)	—			—			—			—		—			(367.4		)
Dividends	(78.7		)	—			—			—			—		—			(78.7		)
Repayment of intercompany loan	—			—			40.4			(40.4		)	—		—			—
Other	—			12.2			16.7			(3.0		)	—		—			25.9
Distributions and advances from (to) affiliates	446.1			398.3			(872.9		)	—			—		28.5			—
Net cash (used in) provided by financing activities	—			389.4			(684.8		)	(37.7		)	—		28.5			(304.6		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(7.4		)	—		—			(7.4		)
Net increase in cash and cash equivalents	—			177.6			3.1			6.0			—		39.4			226.1
Cash and cash equivalents – beginning of period	—			45.1			—			31.9			—		(39.4		)	37.6
Cash and cash equivalents – end of period	$	—		$	222.7		$	3.1		$	37.9		$	—	$	—		$	263.7