Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Comprehensive Income (Unaudited)

Condensed Consolidating Statement of Comprehensive Income (Unaudited)

	Six Months Ended June 30, 2013
(in millions of dollars)	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Unaffiliated sales	$	—		$	429.4		$	362.8		$	—		$	792.2
Affiliated sales	—			8.3			2.2			(10.5		)	—
Net sales	—			437.7			365.0			(10.5		)	792.2
Cost of products sold	—			309.8			259.1			(10.5		)	558.4
Gross profit	—			127.9			105.9			—			233.8
Advertising, selling, general and administrative expenses	20.3			94.7			61.7			—			176.7
Amortization of intangibles	—			10.3			2.5			—			12.8
Restructuring charges	—			5.3			10.3			—			15.6
Operating income (loss)	(20.3		)	17.6			31.4			—			28.7
Expense (income) from affiliates	(0.6		)	(12.4		)	13.0			—			—
Interest expense (income), net	30.9			—			(1.7		)	—			29.2
Equity in earnings of joint ventures	—			—			(2.6		)	—			(2.6		)
Other expense, net	7.4			1.8			0.3			—			9.5
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries	(58.0		)	28.2			22.4			—			(7.4		)
Income tax expense (benefit)	(9.4		)	—			1.4			—			(8.0		)
Income (loss) from continuing operations	(48.6		)	28.2			21.0			—			0.6
Loss from discontinued operations, net of income taxes	—			(0.1		)	—			—			(0.1		)
Income (loss) before earnings of wholly owned subsidiaries	(48.6		)	28.1			21.0			—			0.5
Earnings of wholly owned subsidiaries	49.1			20.8			—			(69.9		)	—
Net income	$	0.5		$	48.9		$	21.0		$	(69.9	)	$	0.5
Comprehensive income (loss)	$	(34.7	)	$	51.7		$	(14.4	)	$	(37.3	)	$	(34.7	)

Condensed Consolidating Statement of Comprehensive Income (Unaudited)

	Six Months Ended June 30, 2012
(in millions of dollars)	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Unaffiliated sales	$	—		$	391.1		$	336.5		$	—		$	727.6
Affiliated sales	—			9.4			2.4			(11.8		)	—
Net sales	—			400.5			338.9			(11.8		)	727.6
Cost of products sold	—			297.0			238.3			(11.8		)	523.5
Gross profit	—			103.5			100.6			—			204.1
Advertising, selling, general and administrative expenses	28.4			72.4			60.3			—			161.1
Amortization of intangibles	—			4.8			1.8			—			6.6
Restructuring charges	—			17.2			3.6			—			20.8
Operating income (loss)	(28.4		)	9.1			34.9			—			15.6
Expense (income) from affiliates	(0.3		)	(11.8		)	12.1			—			—
Interest expense (income), net	41.9			10.3			(0.3		)	—			51.9
Equity in earnings of joint ventures	—			—			(2.7		)	—			(2.7		)
Other expense (income), net	60.4			2.5			(1.8		)	—			61.1
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries	(130.4		)	8.1			27.6			—			(94.7		)
Income tax expense (benefit)	(159.9		)	0.3			(12.0		)	—			(171.6		)
Income from continuing operations	29.5			7.8			39.6			—			76.9
Income (loss) from discontinued operations, net of income taxes	0.1			(0.2		)	—			—			(0.1		)
Income before earnings of wholly owned subsidiaries	29.6			7.6			39.6			—			76.8
Earnings of wholly owned subsidiaries	47.2			34.8			—			(82.0		)	—
Net income	$	76.8		$	42.4		$	39.6		$	(82.0	)	$	76.8
Comprehensive income (loss)	$	44.9		$	44.4		$	4.8		$	(49.2	)	$	44.9

Condensed Consolidating Statement of Comprehensive Income (Unaudited)

	Three Months Ended June 30, 2013
(in millions of dollars)	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Unaffiliated sales	$	—		$	255.5		$	184.7		$	—		$	440.2
Affiliated sales	—			3.8			1.3			(5.1		)	—
Net sales	—			259.3			186.0			(5.1		)	440.2
Cost of products sold	—			175.9			132.3			(5.1		)	303.1
Gross profit	—			83.4			53.7			—			137.1
Advertising, selling, general and administrative expenses	11.4			47.4			28.3			—			87.1
Amortization of intangibles	—			5.0			1.2			—			6.2
Restructuring charges	—			1.4			4.5			—			5.9
Operating income (loss)	(11.4		)	29.6			19.7			—			37.9
Expense (income) from affiliates	(0.3		)	(4.3		)	4.6			—			—
Interest expense (income), net	14.9			—			(1.4		)	—			13.5
Equity in earnings of joint ventures	—			—			(1.3		)	—			(1.3		)
Other expense, net	8.8			0.4			0.4			—			9.6
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries	(34.8		)	33.5			17.4			—			16.1
Income tax expense	0.5			—			6.1			—			6.6
Income (loss) from continuing operations	(35.3		)	33.5			11.3			—			9.5
Loss from discontinued operations, net of income taxes	—			—			—			—			—
Income (loss) before earnings of wholly owned subsidiaries	(35.3		)	33.5			11.3			—			9.5
Earnings of wholly owned subsidiaries	44.8			9.7			—			(54.5		)	—
Net income	$	9.5		$	43.2		$	11.3		$	(54.5	)	$	9.5
Comprehensive income (loss)	$	(27.2	)	$	44.6		$	(23.8	)	$	(20.8	)	$	(27.2	)

Condensed Consolidating Statement of Comprehensive Income (Unaudited)

	Three Months Ended June 30, 2012
(in millions of dollars)	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Unaffiliated sales	$	—		$	255.2		$	183.5		$	—		$	438.7
Affiliated sales	—			5.1			1.2			(6.3		)	—
Net sales	—			260.3			184.7			(6.3		)	438.7
Cost of products sold	—			189.4			131.3			(6.3		)	314.4
Gross profit	—			70.9			53.4			—			124.3
Advertising, selling, general and administrative expenses	19.5			41.2			32.2			—			92.9
Amortization of intangibles	—			4.0			1.1			—			5.1
Restructuring charges	—			13.6			1.1			—			14.7
Operating income (loss)	(19.5		)	12.1			19.0			—			11.6
Expense (income) from affiliates	(0.1		)	(6.6		)	6.7			—			—
Interest expense (income), net	25.1			8.0			(0.3		)	—			32.8
Equity in earnings of joint ventures	—			—			(1.2		)	—			(1.2		)
Other expense (income), net	60.4			1.0			(0.1		)	—			61.3
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries	(104.9		)	9.7			13.9			—			(81.3		)
Income tax (benefit) expense	(160.4		)	0.3			(15.4		)	—			(175.5		)
Income from continuing operations	55.5			9.4			29.3			—			94.2
Income (loss) from discontinued operations, net of income taxes	0.1			(0.1		)	—			—			—
Income before earnings of wholly owned subsidiaries	55.6			9.3			29.3			—			94.2
Earnings of wholly owned subsidiaries	38.6			26.5			—			(65.1		)	—
Net income	$	94.2		$	35.8		$	29.3		$	(65.1	)	$	94.2
Comprehensive income (loss)	$	52.6		$	36.2		$	(13.5	)	$	(22.7	)	$	52.6

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (Unaudited)

	June 30, 2013
(in millions of dollars)	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	3.3		$	(2.3	)	$	94.3		$	—		$	95.3
Accounts receivable, net	—			202.1			184.6			—			386.7
Inventories	—			178.1			145.2			—			323.3
Receivables from affiliates	40.3			6.1			65.0			(111.4		)	—
Deferred income taxes	18.8			—			6.2			—			25.0
Other current assets	0.7			18.4			26.4			—			45.5
Total current assets	63.1			402.4			521.7			(111.4		)	875.8
Property, plant and equipment, net	4.3			138.3			125.5			—			268.1
Deferred income taxes	1.8			—			39.9			—			41.7
Goodwill	—			398.4			179.4			—			577.8
Identifiable intangibles, net	57.7			424.1			143.1			—			624.9
Other assets	22.8			5.5			45.4			—			73.7
Investment in, long term receivable from affiliates	1,846.3			848.8			508.8			(3,203.9		)	—
Total assets	$	1,996.0		$	2,217.5		$	1,563.8		$	(3,315.3	)	$	2,462.0
Liabilities and Stockholders’ Equity
Current liabilities:
Notes payable to banks	$	57.3		$	—		$	1.3		$	—		$	58.6
Current portion of long-term debt	29.8			0.1			—			—			29.9
Accounts payable	—			118.3			78.1			—			196.4
Accrued compensation	4.4			13.0			14.4			—			31.8
Accrued customer programs liabilities	—			47.5			44.0			—			91.5
Accrued interest	7.0			—			—			—			7.0
Other current liabilities	2.9			40.3			41.5			—			84.7
Payables to affiliates	11.1			205.9			265.0			(482.0		)	—
Total current liabilities	112.5			425.1			444.3			(482.0		)	499.9
Long-term debt	1,001.3			0.1			—			—			1,001.4
Long-term notes payable to affiliates	178.2			151.9			38.0			(368.1		)	—
Deferred income taxes	90.3			—			65.7			—			156.0
Pension and post-retirement benefit obligations	1.8			54.8			50.2			—			106.8
Other non-current liabilities	0.9			22.1			63.9			—			86.9
Total liabilities	1,385.0			654.0			662.1			(850.1		)	1,851.0
Stockholders’ equity:
Common stock	1.1			448.0			284.1			(732.1		)	1.1
Treasury stock	(3.4		)	—			—			—			(3.4		)
Paid-in capital	2,025.9			1,551.4			743.0			(2,294.4		)	2,025.9
Accumulated other comprehensive loss	(191.3		)	(66.1		)	(87.6		)	153.7			(191.3		)
Accumulated deficit	(1,221.3		)	(369.8		)	(37.8		)	407.6			(1,221.3		)
Total stockholders’ equity	611.0			1,563.5			901.7			(2,465.2		)	611.0
Total liabilities and stockholders’ equity	$	1,996.0		$	2,217.5		$	1,563.8		$	(3,315.3	)	$	2,462.0

Condensed Consolidating Balance Sheets

	December 31, 2012
(in millions of dollars)	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	12.1		$	(3.0	)	$	40.9		$	—		$	50.0
Accounts receivable, net	—			193.9			304.8			—			498.7
Inventories	—			133.7			131.8			—			265.5
Receivables from affiliates	7.9			148.5			88.4			(244.8		)	—
Deferred income taxes	18.1			—			13.0			—			31.1
Other current assets	1.0			13.0			15.0			—			29.0
Total current assets	39.1			486.1			593.9			(244.8		)	874.3
Property, plant and equipment, net	0.3			140.7			132.6			—			273.6
Deferred income taxes	—			—			36.4			—			36.4
Goodwill	—			400.6			188.8			—			589.4
Identifiable intangibles, net	57.7			434.3			154.6			—			646.6
Other assets	16.3			16.6			54.5			—			87.4
Investment in, long term receivable from affiliates	1,248.0			869.0			441.0			(2,558.0		)	—
Total assets	$	1,361.4		$	2,347.3		$	1,601.8		$	(2,802.8	)	$	2,507.7
Liabilities and Stockholders’ Equity
Current liabilities:
Notes payable to banks	$	—		$	—		$	1.2		$	—		$	1.2
Current portion of long-term debt	—			0.1			—			—			0.1
Accounts payable	—			76.5			75.9			—			152.4
Accrued compensation	4.7			16.8			16.5			—			38.0
Accrued customer programs liabilities	—			63.8			55.2			—			119.0
Accrued interest	0.2			6.1			—			—			6.3
Other current liabilities	12.3			44.9			55.2			—			112.4
Payables to affiliates	28.5			191.8			245.0			(465.3		)	—
Total current liabilities	45.7			400.0			449.0			(465.3		)	429.4
Long-term debt	401.6			647.4			21.8			—			1,070.8
Long-term notes payable to affiliates	178.2			26.7			373.0			(577.9		)	—
Deferred income taxes	93.8			—			71.2			—			165.0
Pension and post-retirement benefit obligations	1.8			60.9			57.1			—			119.8
Other non-current liabilities	1.1			13.9			68.5			—			83.5
Total liabilities	722.2			1,148.9			1,040.6			(1,043.2		)	1,868.5
Stockholders’ equity:
Common stock	1.1			448.0			315.5			(763.5		)	1.1
Treasury stock	(2.5		)	—			—			—			(2.5		)
Paid-in capital	2,018.5			1,192.0			347.6			(1,539.6		)	2,018.5
Accumulated other comprehensive loss	(156.1		)	(68.9		)	(52.2		)	121.1			(156.1		)
Accumulated deficit	(1,221.8		)	(372.7		)	(49.7		)	422.4			(1,221.8		)
Total stockholders’ equity	639.2			1,198.4			561.2			(1,759.6		)	639.2
Total liabilities and stockholders’ equity	$	1,361.4		$	2,347.3		$	1,601.8		$	(2,802.8	)	$	2,507.7

Condensed Consolidating Statement of Cash Flows (Unaudited)

Condensed Consolidating Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2013
(in millions of dollars)	Parent			Guarantors			Non-Guarantors			Consolidated
Net cash used by operating activities	$	(46.7	)	$	18.4		$	85.5		$	57.2
Investing activities:
Additions to property, plant and equipment	—			(18.0		)	(8.6		)	(26.6		)
Payments for (proceeds from) interest in affiliates	—			38.5			(38.5		)	—
Payments related to the sale of discontinued operations	—			(1.4		)	—			(1.4		)
Proceeds from the disposition of assets	—			0.1			3.8			3.9
Net cash provided (used) by investing activities.	—			19.2			(43.3		)	(24.1		)
Financing activities:
Intercompany financing	(42.6		)	(1.2		)	43.8			—
Net dividends	44.9			(35.7		)	(9.2		)	—
Proceeds from long-term borrowings	530.0			—			—			530.0
Repayments of long-term debt	(547.7		)	—			(21.4		)	(569.1		)
Borrowings of short-term debt, net	58.1			—			—			58.1
Payments for debt issuance costs	(3.9		)	—			—			(3.9		)
Other	(0.9		)	—			—			(0.9		)
Net cash provided (used) by financing activities.	37.9			(36.9		)	13.2			14.2
Effect of foreign exchange rate changes on cash	—			—			(2.0		)	(2.0		)
Net increase (decrease) in cash and cash equivalents	(8.8		)	0.7			53.4			45.3
Cash and cash equivalents:
Beginning of the period	12.1			(3.0		)	40.9			50.0
End of the period	$	3.3		$	(2.3	)	$	94.3		$	95.3

	Six Months Ended June 30, 2012
(in millions of dollars)	Parent			Guarantors			Non-Guarantors			Consolidated
Net cash used by operating activities	$	(130.1	)	$	(32.0	)	$	(4.2	)	$	(166.3	)
Investing activities:
Additions to property, plant and equipment	—			(7.6		)	(2.7		)	(10.3		)
Proceeds from the sale of discontinued operations	—			2.2			—			2.2
Proceeds from the disposition of assets	—			—			2.2			2.2
Cost of acquisition, net of cash acquired	(433.4		)	—			32.0			(401.4		)
Net cash used by investing activities.	(433.4		)	(5.4		)	31.5			(407.3		)
Financing activities:
Intercompany financing	644.6			(656.1		)	11.5			—
Net dividends	49.3			20.4			(69.7		)	—
Proceeds from long-term borrowings	545.0			690.0			35.0			1,270.0
Repayments of long-term debt	(676.2		)	(4.7		)	(0.9		)	(681.8		)
Borrowings of short-term debt, net	—			—			0.6			0.6
Payments for debt issuance costs	(20.8		)	(16.0		)	(0.9		)	(37.7		)
Other	(0.3		)	—			—			(0.3		)
Net cash provided (used) by financing activities.	541.6			33.6			(24.4		)	550.8
Effect of foreign exchange rate changes on cash	—			—			(3.9		)	(3.9		)
Net decrease in cash and cash equivalents	(21.9		)	(3.8		)	(1.0		)	(26.7		)
Cash and cash equivalents:
Beginning of the period	62.0			(1.2		)	60.4			121.2
End of the period	$	40.1		$	(5.0	)	$	59.4		$	94.5