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Supplemental Guarantor and Parent Company Condensed Financial Information (Tables)
 3 Months Ended
Mar. 29, 2013
Quarterly Financial Information Disclosure [Abstract]  
Condensed Statements Of Operations





Condensed Statements of Operations and Comprehensive Income (Loss) Information
Three Fiscal Months Ended March 29, 2013
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales:
 
 
 
 
 
 
 
 
 
Customers
$
—

 
$
610.2

 
$
922.9

 
$
—

 
$
1,533.1

Intercompany
13.8

 
42.2

 
103.4

 
(159.4
)
 
—

 
13.8

 
652.4

 
1,026.3

 
(159.4
)
 
1,533.1

Cost of sales
—

 
574.4

 
949.3

 
(145.6
)
 
1,378.1

Gross profit
13.8

 
78.0

 
77.0

 
(13.8
)
 
155.0

Selling, general and administrative expenses
10.9

 
49.7

 
76.2

 
(13.8
)
 
123.0

Operating income
2.9

 
28.3

 
0.8

 
—

 
32.0

Other income (expense)
—

 
(1.3
)
 
(51.4
)
 
—

 
(52.7
)
Interest income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(20.9
)
 
(26.9
)
 
(11.3
)
 
29.6

 
(29.5
)
Interest income
25.9

 
3.5

 
1.7

 
(29.6
)
 
1.5

 
5.0

 
(23.4
)
 
(9.6
)
 
—

 
(28.0
)
Income (loss) before income taxes
7.9

 
3.6

 
(60.2
)
 
—

 
(48.7
)
Income tax (provision) benefit
(3.0
)
 
(2.0
)
 
9.1

 
—

 
4.1

Equity in net income (loss) of subsidiaries
(51.3
)
 
(52.9
)
 
0.1

 
104.3

 
0.2

Net income (loss) including non-controlling interest
(46.4
)
 
(51.3
)
 
(51.0
)
 
104.3

 
(44.4
)
Less: preferred stock dividends
0.1

 
—

 
—

 
—

 
0.1

Less: net income attributable to non-controlling interest
—

 
—

 
2.0

 
—

 
2.0

Net income (loss) attributable to Company common shareholders
$
(46.5
)
 
$
(51.3
)
 
$
(53.0
)
 
$
104.3

 
$
(46.5
)
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(46.4
)
 
$
(51.3
)
 
$
(51.0
)
 
$
104.3

 
$
(44.4
)
Currency translation gain (loss)
—

 
(9.3
)
 
5.6

 
—

 
(3.7
)
Defined benefit plan adjustments, net of an immaterial tax effect in 2013
—

 
2.4

 
0.3

 
—

 
2.7

Change in fair value of derivatives, net of tax of $0.4 million in 2013
—

 
(0.5
)
 
—

 
—

 
(0.5
)
Comprehensive income (loss), net of tax
(46.4
)
 
(58.7
)
 
(45.1
)
 
104.3

 
(45.9
)
Comprehensive income (loss) attributable to non-controlling interest, net of tax
—

 
—

 
2.7

 
—

 
2.7

Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
$
(46.4
)
 
$
(58.7
)
 
$
(47.8
)
 
$
104.3

 
$
(48.6
)


Condensed Statements of Operations and Comprehensive Income (Loss) Information
Three Fiscal Months Ended March 30, 2012
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales:
 
 
 
 
 
 
 
 
 
Customers
$
—

 
$
473.1

 
$
959.4

 
$
—

 
$
1,432.5

Intercompany
7.3

 
28.4

 
48.6

 
(84.3
)
 
—

 
7.3

 
501.5

 
1,008.0

 
(84.3
)
 
1,432.5

Cost of sales
—

 
439.2

 
925.8

 
(77.0
)
 
1,288.0

Gross profit
7.3

 
62.3

 
82.2

 
(7.3
)
 
144.5

Selling, general and administrative expenses
11.7

 
28.0

 
61.4

 
(7.3
)
 
93.8

Operating income
(4.4
)
 
34.3

 
20.8

 
—

 
50.7

Other income (expense)
—

 
(0.2
)
 
7.0

 
—

 
6.8

Interest income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(15.8
)
 
(23.1
)
 
(11.9
)
 
26.1

 
(24.7
)
Interest income
22.0

 
3.9

 
1.9

 
(26.1
)
 
1.7

 
6.2

 
(19.2
)
 
(10.0
)
 
—

 
(23.0
)
Income (loss) before income taxes
1.8

 
14.9

 
17.8

 
—

 
34.5

Income tax (provision) benefit
(0.8
)
 
(7.2
)
 
(2.4
)
 
—

 
(10.4
)
Equity in net income of subsidiaries
21.8

 
14.1

 
—

 
(35.9
)
 
—

Net income including non-controlling interest
22.8

 
21.8

 
15.4

 
(35.9
)
 
24.1

Less: preferred stock dividends
0.1

 
—

 
—

 
—

 
0.1

Less: net income attributable to non-controlling interest
—

 
—

 
1.3

 
—

 
1.3

Net income applicable to Company common shareholders
$
22.7

 
$
21.8

 
$
14.1

 
$
(35.9
)
 
$
22.7

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
22.8

 
$
21.8

 
$
15.4

 
$
(35.9
)
 
$
24.1

Currency translation gain (loss)
0.7

 
7.4

 
34.2

 
—

 
42.3

Defined benefit plan adjustments, net of an immaterial tax effect in 2012
—

 
—

 
—

 
—

 
—

Change in fair value of derivatives, net of tax of $3.4 million in 2012
—

 
2.5

 
3.5

 
—

 
6.0

Comprehensive income (loss), net of tax
23.5

 
31.7

 
53.1

 
(35.9
)
 
72.4

Comprehensive income (loss) attributable to non-controlling interest, net of tax
—

 
—

 
4.4

 
—

 
4.4

Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
$
23.5

 
$
31.7

 
$
48.7

 
$
(35.9
)
 
$
68.0
Condensed Balance Sheets
Condensed Balance Sheets Information
March 29, 2013
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
57.3

 
$
23.5

 
$
419.0

 
$
—

 
$
499.8

Receivables, net of allowances
—

 
308.8

 
911.0

 
—

 
1,219.8

Inventories, net
—

 
484.7

 
866.0

 
—

 
1,350.7

Deferred income taxes
—

 
23.8

 
15.7

 
—

 
39.5

Prepaid expenses and other
2.2

 
20.8

 
90.3

 
—

 
113.3

Total current assets
59.5

 
861.6

 
2,302.0

 
—

 
3,223.1

Property, plant and equipment, net
0.4

 
233.3

 
934.1

 
—

 
1,167.8

Deferred income taxes
—

 
—

 
15.9

 
—

 
15.9

Intercompany accounts
1,612.8

 
476.1

 
30.5

 
(2,119.4
)
 
—

Investment in subsidiaries
1,055.0

 
1,371.5

 
—

 
(2,426.5
)
 
—

Goodwill
—

 
15.6

 
178.3

 
—

 
193.9

Intangible assets, net
—

 
17.1

 
184.8

 
—

 
201.9

Unconsolidated affiliated companies
—

 
7.4

 
11.7

 
—

 
19.1

Other non-current assets
14.9

 
27.4

 
23.1

 
—

 
65.4

Total assets
$
2,742.6

 
$
3,010.0

 
$
3,680.4

 
$
(4,545.9
)
 
$
4,887.1

Liabilities and Total Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
138.0

 
$
830.3

 
$
—

 
$
968.3

Accrued liabilities
33.5

 
96.8

 
302.6

 
—

 
432.9

Current portion of long-term debt
340.0

 
—

 
271.3

 
—

 
611.3

Total current liabilities
373.5

 
234.8

 
1,404.2

 
—

 
2,012.5

Long-term debt
900.9

 
—

 
35.8

 
—

 
936.7

Deferred income taxes
161.7

 
(26.1
)
 
79.7

 
—

 
215.3

Intercompany accounts
—

 
1,642.2

 
477.2

 
(2,119.4
)
 
—

Other liabilities
1.0

 
104.1

 
174.2

 
—

 
279.3

Total liabilities
1,437.1

 
1,955.0

 
2,171.1

 
(2,119.4
)
 
3,443.8

Redeemable non-controlling interest
—

 
—

 
18.0

 
—

 
18.0

Total Company shareholders’ equity
1,305.5

 
1,055.0

 
1,371.5

 
(2,426.5
)
 
1,305.5

Non-controlling interest
—

 
—

 
119.8

 
—

 
119.8

Total liabilities and equity
$
2,742.6

 
$
3,010.0

 
$
3,680.4

 
$
(4,545.9
)
 
$
4,887.1













Condensed Balance Sheets Information
December 31, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash
$
65.3

 
$
44.2

 
$
528.7

 
$
—

 
$
638.2

Receivables, net of allowances
—

 
277.6

 
912.1

 
—

 
1,189.7

Inventories
—

 
460.0

 
791.6

 
—

 
1,251.6

Deferred income taxes
—

 
24.4

 
14.7

 
—

 
39.1

Prepaid expenses and other
2.3

 
20.9

 
92.8

 
—

 
116.0

Total current assets
67.6

 
827.1

 
2,339.9

 
—

 
3,234.6

Property, plant and equipment, net
0.4

 
238.2

 
961.2

 
—

 
1,199.8

Deferred income taxes
—

 
—

 
12.8

 
—

 
12.8

Intercompany accounts
1,566.7

 
491.0

 
40.2

 
(2,097.9
)
 
—

Investment in subsidiaries
1,108.5

 
1,390.4

 
—

 
(2,498.9
)
 
—

Goodwill
—

 
15.0

 
169.4

 
—

 
184.4

Intangible assets, net
—

 
17.7

 
185.4

 
—

 
203.1

Unconsolidated affiliated companies
—

 
7.3

 
11.9

 
—

 
19.2

Other non-current assets
15.3

 
26.4

 
24.3

 
—

 
66.0

Total assets
$
2,758.5

 
$
3,013.1

 
$
3,745.1

 
$
(4,596.8
)
 
$
4,919.9

Liabilities and Total Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
103.8

 
$
899.2

 
$
—

 
$
1,003.0

Accrued liabilities
12.1

 
110.6

 
340.7

 
—

 
463.4

Current portion of long-term debt
334.6

 
—

 
176.6

 
—

 
511.2

Total current liabilities
346.7

 
214.4

 
1,416.5

 
—

 
1,977.6

Long-term debt
900.5

 
—

 
38.4

 
—

 
938.9

Deferred income taxes
156.9

 
(18.2
)
 
82.8

 
—

 
221.5

Intercompany accounts
—

 
1,606.9

 
491.0

 
(2,097.9
)
 
—

Other liabilities
1.1

 
101.5

 
190.0

 
—

 
292.6

Total liabilities
1,405.2

 
1,904.6

 
2,218.7

 
(2,097.9
)
 
3,430.6

Redeemable non-controlling interest
—

 
—

 
18.6

 
—

 
18.6

Total Company shareholders’ equity
1,353.3

 
1,108.5

 
1,390.4

 
(2,498.9
)
 
1,353.3

Non-controlling interest
—

 
—

 
117.4

 
—

 
117.4

Total liabilities and equity
$
2,758.5

 
$
3,013.1

 
$
3,745.1

 
$
(4,596.8
)
 
$
4,919.9
Condensed Statements Of Cash Flows
Condensed Statements of Cash Flows Information
Three Fiscal Months Ended March 29, 2013
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash flows of operating activities
$
31.9

 
$
(63.9
)
 
$
(147.3
)
 
$
—

 
$
(179.3
)
Cash flows of investing activities:
 
 
—

 
 
 
 
 
 
Capital expenditures
—

 
(8.0
)
 
(19.4
)
 
—

 
(27.4
)
Proceeds from properties sold
—

 
0.1

 
—

 
—

 
0.1

Acquisitions, net of cash acquired
—

 
—

 
—

 
—

 
—

Other
—

 
(4.5
)
 
4.7

 
—

 
0.2

Net cash flows of investing activities
—

 
(12.4
)
 
(14.7
)
 
—

 
(27.1
)
Cash flows of financing activities:
 
 
 
 
 
 
 
 
 
Preferred stock dividends paid
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Excess tax benefits from stock-based compensation
0.1

 
—

 
—

 
—

 
0.1

Intercompany accounts
(40.4
)
 
65.1

 
(24.7
)
 
—

 
—

Proceeds from other debt
—

 
0.8

 
298.2

 
—

 
299.0

Repayments of other debt
—

 
(0.8
)
 
(203.7
)
 
—

 
(204.5
)
Issuance of long-term debt
—

 
—

 
—

 
—

 
—

Dividends paid to non-controlling interest
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Purchase of treasury shares
—

 


 


 


 
—

Proceeds from exercise of stock options
0.5

 
—

 
—

 
—

 
0.5

Net cash flows of financing activities
(39.9
)
 
65.1

 
69.5

 
—

 
94.7

Effect of exchange rate changes on cash and cash equivalents
—

 
(9.5
)
 
(17.2
)
 
—

 
(26.7
)
Increase (decrease) in cash and cash equivalents
(8.0
)
 
(20.7
)
 
(109.7
)
 
—

 
(138.4
)
Cash and cash equivalents – beginning of period
65.3

 
44.2

 
528.7

 
—

 
638.2

Cash and cash equivalents – end of period
$
57.3

 
$
23.5

 
$
419.0

 
$
—

 
$
499.8


Condensed Statements of Cash Flows Information
Three Fiscal Months Ended March 30, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net cash flows of operating activities
$
11.9

 
$
5.2

 
$
(51.7
)
 
$
—

 
$
(34.6
)
Cash flows of investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(6.9
)
 
(29.0
)
 
—

 
(35.9
)
Proceeds from properties sold
—

 
0.1

 
4.1

 
—

 
4.2

Acquisitions, net of cash acquired
—

 
—

 
—

 
—

 
—

Other
—

 
(15.3
)
 
15.3

 
—

 
—

Net cash flows of investing activities
—

 
(22.1
)
 
(9.6
)
 
—

 
(31.7
)
Cash flows of financing activities:
 
 
 
 
 
 
 
 
 
Preferred stock dividends paid
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Excess tax benefits from stock-based compensation
0.1

 
—

 
—

 
—

 
0.1

Intercompany accounts
(12.7
)
 
(38.4
)
 
51.1

 
—

 
—

Proceeds from other debt
—

 
265.4

 
184.6

 
—

 
450.0

Repayments of other debt
—

 
(214.0
)
 
(184.3
)
 
—

 
(398.3
)
Dividends paid to non-controlling interests
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Proceeds from exercise of stock options
0.1

 
—

 
—

 
—

 
0.1

Net cash flows of financing activities
(12.6
)
 
13.0

 
50.8

 
—

 
51.2

Effect of exchange rate changes on cash and cash equivalents
0.7

 
9.7

 
(2.3
)
 
—

 
8.1

Increase (decrease) in cash and cash equivalents
—

 
5.8

 
(12.8
)
 
—

 
(7.0
)
Cash and cash equivalents - beginning of period
0.1

 
8.5

 
425.5

 
—

 
434.1

Cash and cash equivalents - end of period
$
0.1

 
$
14.3

 
$
412.7

 
$
—

 
$
427.1
Intercompany Cash And Non-Cash Transactions
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the three fiscal months ended March 29, 2013 and the twelve months ended December 31, 2012:
(in millions)
March 29, 2013
 
December 31, 2012
Beginning Balance
$
1,566.7

 
$
1,210.4

Non-cash transactions
 
 
 
Deferred tax
1.8

 
5.9

Equity based awards
1.1

 
11.7

Foreign currency and other
2.8

 
(3.4
)
Cash transactions
40.4

 
342.1

Ending Balance
$
1,612.8

 
$
1,566.7
Parent Company Long-Term Financing Arrangements
At March 29, 2013 and December 31, 2012, the Parent Company was party to the following long-term financing arrangements:
(in millions)
March 29, 2013
 
December 31, 2012
5.75% Senior Notes due 2022
$
600.0

 
$
600.0

Subordinated Convertible Notes due 2029
429.5

 
429.5

Debt discount on Subordinated Convertible Notes due 2029
(262.6
)
 
(263.0
)
0.875% Convertible Notes due 2013
355.0

 
355.0

Debt discount on 0.875% Convertible Notes due 2013
(15.0
)
 
(20.4
)
Senior Floating Rate Notes
125.0

 
125.0

Other
9.0

 
9.0

Total Parent Company debt
1,240.9

 
1,235.1

Less current maturities
340.0

 
334.6

Parent Company Long-term debt
$
900.9

 
$
900.5
Parent Company Debt Maturities
(in millions)
Q1 2014
 
Q1 2015
 
Q1 2016
 
Q1 2017
 
Q1 2018
Debt maturities twelve month period ending
$
340.0

 
$
—

 
$
125.0

 
$
—

 
$
—