Supplemental Guarantor Condensed Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Condensed Statements of Operations and Comprehensive Income (Loss) Information

Three Fiscal Months Ended March 31, 2017



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales:
Customers	$	—		$	466.9		$	451.3		$	—		$	918.2
Intercompany	18.2			48.6			50.7			(117.5		)	—
	18.2			515.5			502.0			(117.5		)	918.2
Cost of sales	—			444.0			454.9			(99.3		)	799.6
Gross profit	18.2			71.5			47.1			(18.2		)	118.6
Selling, general and administrative expenses	8.0			63.8			41.2			(18.2		)	94.8
Operating income (loss)	10.2			7.7			5.9			—			23.8
Other income (expense)	—			2.8			12.2			—			15.0
Interest income (expense):
Interest expense	(14.3		)	(15.0		)	(5.9		)	14.5			(20.7		)
Interest income	13.2			1.3			0.6			(14.5		)	0.6
	(1.1		)	(13.7		)	(5.3		)	—			(20.1		)
Income (loss) before income taxes	9.1			(3.2		)	12.8			—			18.7
Income tax (provision) benefit	(4.4		)	3.8			(5.7		)	—			(6.3		)
Equity in net earnings of affiliated companies and subsidiaries	7.7			7.1			—			(14.8		)	—
Net income (loss) including noncontrolling interest	12.4			7.7			7.1			(14.8		)	12.4
Less: net income (loss) attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to Company common shareholders	$	12.4		$	7.7		$	7.1		$	(14.8	)	$	12.4
Comprehensive income (loss):
Net income (loss)	$	12.4		$	7.7		$	7.1		$	(14.8	)	$	12.4
Currency translation gain (loss)	8.7			8.7			8.0			(16.8		)	8.6
Defined benefit plan adjustments, net of tax	0.8			0.8			0.4			(1.2		)	0.8
Comprehensive income (loss), net of tax	21.9			17.2			15.5			(32.8		)	21.8
Comprehensive income (loss) attributable to noncontrolling interest, net of tax	—			—			(0.1		)	—			(0.1		)
Comprehensive income (loss) attributable to Company common shareholders, net of tax	$	21.9		$	17.2		$	15.6		$	(32.8	)	$	21.9

Condensed Statements of Operations and Comprehensive Income (Loss) Information

Three Fiscal Months Ended April 1, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales:
Customers	$	—		$	447.2		$	555.5		$	—		$	1,002.7
Intercompany	17.1			67.0			42.8			(126.9		)	—
	17.1			514.2			598.3			(126.9		)	1,002.7
Cost of sales	—			453.9			547.7			(109.8		)	891.8
Gross profit	17.1			60.3			50.6			(17.1		)	110.9
Selling, general and administrative expenses	18.7			44.9			42.0			(17.1		)	88.5
Goodwill impairment charges	—			—			1.6			—			1.6
Intangible asset impairment charges	—			0.3			—			—			0.3
Operating income (loss)	(1.6		)	15.1			7.0			—			20.5
Other income (expense)	—			0.2			(1.4		)	—			(1.2		)
Interest income (expense):
Interest expense	(14.3		)	(16.2		)	(6.3		)	14.9			(21.9		)
Interest income	13.8			1.2			0.4			(14.9		)	0.5
	(0.5		)	(15.0		)	(5.9		)	—			(21.4		)
Income (loss) before income taxes	(2.1		)	0.3			(0.3		)	—			(2.1		)
Income tax (provision) benefit	0.1			(0.4		)	(2.1		)	—			(2.4		)
Equity in net earnings of affiliated companies and subsidiaries	(2.7		)	(2.6		)	—			5.4			0.1
Net income (loss) including noncontrolling interest	(4.7		)	(2.7		)	(2.4		)	5.4			(4.4		)
Less: net income (loss) attributable to noncontrolling interest	—			—			0.3			—			0.3
Net income (loss) attributable to Company common shareholders	$	(4.7	)	$	(2.7	)	$	(2.7	)	$	5.4		$	(4.7	)
Comprehensive income (loss):
Net income (loss)	$	(4.7	)	$	(2.7	)	$	(2.4	)	$	5.4		$	(4.4	)
Currency translation gain (loss)	31.3			31.3			26.8			(57.9		)	31.5
Defined benefit plan adjustments, net of tax	1.3			1.3			0.3			(1.6		)	1.3
Comprehensive income (loss), net of tax	27.9			29.9			24.7			(54.1		)	28.4
Comprehensive income (loss) attributable to noncontrolling interest, net of tax	—			—			0.5			—			0.5
Comprehensive income (loss) attributable to Company common shareholders, net of tax	$	27.9		$	29.9		$	24.2		$	(54.1	)	$	27.9

Condensed Balance Sheets

Condensed Balance Sheets Information

March 31, 2017



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	2.7	$	80.7	$	—		$	83.4
Receivables, net of allowances	—		219.0		454.9		—			673.9
Inventories	—		406.7		411.4		—			818.1
Prepaid expenses and other	—		30.1		52.3		—			82.4
Total current assets	—		658.5		999.3		—			1,657.8
Property, plant and equipment, net	0.3		210.4		318.3		—			529.0
Deferred income taxes	—		46.8		20.0		(46.8		)	20.0
Intercompany accounts	1,055.9		112.4		78.4		(1,246.7		)	—
Investment in subsidiaries	90.4		633.7		—		(724.1		)	—
Goodwill	—		5.6		6.5		—			12.1
Intangible assets, net	—		6.0		21.1		—			27.1
Unconsolidated affiliated companies	—		—		0.2		—			0.2
Other non-current assets	—		14.7		32.9		—			47.6
Total assets	$	1,146.6	$	1,688.1	$	1,476.7	$	(2,017.6	)	$	2,293.8
Liabilities and Total Equity
Current liabilities:
Accounts payable	$	—	$	136.2	$	288.7	$	—		$	424.9
Accrued liabilities	55.8		71.6		213.4		—			340.8
Current portion of long-term debt	—		—		59.6		—			59.6
Total current liabilities	55.8		207.8		561.7		—			825.3
Long-term debt	773.2		193.7		26.0		—			992.9
Deferred income taxes	152.2		—		18.6		(46.8		)	124.0
Intercompany accounts	—		1,133.6		113.1		(1,246.7		)	—
Other liabilities	0.1		62.6		107.9		—			170.6
Total liabilities	981.3		1,597.7		827.3		(1,293.5		)	2,112.8
Total Company shareholders’ equity	165.3		90.4		633.7		(724.1		)	165.3
Noncontrolling interest	—		—		15.7		—			15.7
Total liabilities and equity	$	1,146.6	$	1,688.1	$	1,476.7	$	(2,017.6	)	$	2,293.8

Condensed Balance Sheets Information

December 31, 2016



	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	1.0	$	100.1	$	—		$	101.1
Receivables, net of allowances	—		202.9		461.6		—			664.5
Inventories	—		363.4		404.8		—			768.2
Prepaid expenses and other	—		26.2		39.2		—			65.4
Total current assets	—		593.5		1,005.7		—			1,599.2
Property, plant and equipment, net	0.3		202.8		326.2		—			529.3
Deferred income taxes	—		42.9		20.4		(42.9		)	20.4
Intercompany accounts	1,092.4		104.7		69.4		(1,266.5		)	—
Investment in subsidiaries	73.2		612.7		—		(685.9		)	—
Goodwill	—		5.6		6.4		—			12.0
Intangible assets, net	—		6.0		22.3		—			28.3
Unconsolidated affiliated companies	—		8.8		0.2		—			9.0
Other non-current assets	—		15.5		27.9		—			43.4
Total assets	$	1,165.9	$	1,592.5	$	1,478.5	$	(1,995.3	)	$	2,241.6
Liabilities and Total Equity
Current liabilities:
Accounts payable	$	—	$	112.4	$	301.6	$	—		$	414.0
Accrued liabilities	93.4		105.0		221.2		—			419.6
Current portion of long-term debt	—		—		67.5		—			67.5
Total current liabilities	93.4		217.4		590.3		—			901.1
Long-term debt	772.3		75.9		22.9		—			871.1
Deferred income taxes	147.1		—		22.5		(42.9		)	126.7
Intercompany accounts	—		1,161.1		105.4		(1,266.5		)	—
Other liabilities	—		64.9		108.9		—			173.8
Total liabilities	1,012.8		1,519.3		850.0		(1,309.4		)	2,072.7
Total Company shareholders’ equity	153.1		73.2		612.7		(685.9		)	153.1
Noncontrolling interest	—		—		15.8		—			15.8
Total liabilities and equity	$	1,165.9	$	1,592.5	$	1,478.5	$	(1,995.3	)	$	2,241.6

Condensed Statements Of Cash Flows

Condensed Statements of Cash Flows Information

Three Fiscal Months Ended March 31, 2017



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Total
Net cash flows of operating activities	$	(26.1	)	$	(61.6	)	$	(1.1	)	$	—	$	(88.8	)
Cash flows of investing activities:
Capital expenditures	—			(20.8		)	(14.4		)	—		(35.2		)
Proceeds from properties sold	—			0.1			0.2			—		0.3
Disposal of subsidiaries, net of cash disposed of	—			5.3			—			—		5.3
Other	—			0.2			(0.2		)	—		—
Net cash flows of investing activities	—			(15.2		)	(14.4		)	—		(29.6		)
Cash flows of financing activities:
Dividends paid to shareholders	(9.4		)	—			—			—		(9.4		)
Intercompany accounts	35.5			(39.9		)	4.4			—		—
Proceeds from debt	—			645.3			86.4			—		731.7
Repayments of debt	—			(527.5		)	(94.9		)	—		(622.4		)
Net cash flows of financing activities	26.1			77.9			(4.1		)	—		99.9
Effect of exchange rate changes on cash and cash equivalents	—			0.6			0.2			—		0.8
Increase (decrease) in cash and cash equivalents	—			1.7			(19.4		)	—		(17.7		)
Cash and cash equivalents – beginning of period	—			1.0			100.1			—		101.1
Cash and cash equivalents – end of period	$	—		$	2.7		$	80.7		$	—	$	83.4

Condensed Statements of Cash Flows Information

Three Fiscal Months Ended April 1, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Total
Net cash flows of operating activities	$	(5.0	)	$	2.6		$	(38.2	)	$	—	$	(40.6	)
Cash flows of investing activities:
Capital expenditures	—			(6.6		)	(7.7		)	—		(14.3		)
Proceeds from properties sold	—			0.1			0.1			—		0.2
Disposal of subsidiaries, net of cash disposed of	—			—			(0.1		)	—		(0.1		)
Other	—			(1.3		)	1.3			—		—
Net cash flows of investing activities	—			(7.8		)	(6.4		)	—		(14.2		)
Cash flows of financing activities:
Dividends paid to shareholders	(8.9		)	—			—			—		(8.9		)
Intercompany accounts	13.9			(16.3		)	2.4			—		—
Proceeds from debt	—			259.4			130.5			—		389.9
Repayments of debt	—			(241.0		)	(80.9		)	—		(321.9		)
Net cash flows of financing activities	5.0			2.1			52.0			—		59.1
Effect of exchange rate changes on cash and cash equivalents	—			4.8			(1.2		)	—		3.6
Increase (decrease) in cash and cash equivalents	—			1.7			6.2			—		7.9
Cash and cash equivalents - beginning of period	—			0.8			111.6			—		112.4
Cash and cash equivalents - end of period	$	—		$	2.5		$	117.8		$	—	$	120.3

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 31, 2017 and the twelve fiscal months ended December 31, 2016:



(in millions)	March 31, 2017			December 31, 2016
Beginning Balance	$	1,092.4		$	1,114.5
Non-cash transactions
Deferred tax	—			(27.6		)
Equity based awards	(0.8		)	5.2
Foreign currency and other	(0.2		)	28.4
Cash transactions	(35.5		)	(28.1		)
Ending Balance	$	1,055.9		$	1,092.4

Parent Company Long-Term Financing Arrangements

At March 31, 2017 and December 31, 2016, the Parent Company was party to the following long-term financing arrangements:



(in millions)	March 31, 2017			December 31, 2016
5.75% Senior Notes due 2022	$	600.0		$	600.0
Subordinated Convertible Notes due 2029	429.5			429.5
Debt discount	(255.0		)	(255.6		)
Debt issuance costs	(10.3		)	(10.6		)
Other	9.0			9.0
Total Parent Company debt	773.2			772.3
Less current maturities	—			—
Parent Company Long-term debt	$	773.2		$	772.3

Parent Company Debt Maturities

(in millions)

Q1 2018

Q1 2019

Q1 2020

Q1 2021

Q1 2022

Debt maturities twelve month period ending

—