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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
Net sales $ 497.9 $ 344.7 $ 967.7 $ 670.6
Cost of sales 167.2 122.6 330.7 237.0
Gross profit 330.7 222.1 637.0 433.6
Selling, general and administrative expenses 263.6 156.3 509.8 317.9
Acquisition and integration costs 0.7 0.4 4.5 0.4
Restructuring charges and other, net 3.8 3.1 17.3 3.3
Operating income 62.6 62.3 105.4 112.0
Other expenses, net:        
Interest expense 21.0 15.8 43.3 34.6
Interest expense – preferred stock dividends 0 1.6 0 3.2
Amortization of debt issuance costs 1.4 1.2 2.8 2.5
Loss on early extinguishment of debt 0.1 0 2.0 27.9
Foreign currency losses (gains), net 7.2 (0.5) 8.6 2.8
Miscellaneous, net 0 0.1 0.1 0.2
Other expenses, net 29.7 18.2 56.8 71.2
Income from continuing operations before income taxes 32.9 44.1 48.6 40.8
Provision for income taxes 18.5 17.0 25.5 18.2
Income from continuing operations, net of taxes 14.4 27.1 23.1 22.6
Income (loss) from discontinued operations, net of taxes 3.7 (2.4) 0.5 (4.8)
Net income 18.1 24.7 23.6 17.8
Other comprehensive (loss) income:        
Currency translation adjustment, net of tax (0.4) [1] (3.9) [1] 1.2 [1] (4.7) [1]
Amortization of pension related costs, net of tax 1.1 [2],[3] 1.9 [2],[3] 2.3 [2],[3],[4] 3.8 [2],[3]
Revaluation of derivative financial instruments, net of tax (1.9) [5] 0 [5] (2.9) [5],[6] 0 [5]
Other comprehensive (loss) income (1.2) (2.0) 0.6 [7] (0.9)
Total comprehensive income $ 16.9 $ 22.7 $ 24.2 $ 16.9
Basic earnings (loss) per common share:        
Continuing operations (usd per share) $ 0.27 $ 0.52 $ 0.44 $ 0.43
Discontinued operations (usd per share) $ 0.07 $ (0.05) $ 0.01 $ (0.09)
Basic earnings per share (usd per share) $ 0.34 $ 0.47 $ 0.45 $ 0.34
Diluted earnings (loss) per common share:        
Continuing operations (usd per share) $ 0.27 $ 0.52 $ 0.44 $ 0.43
Discontinued operations (usd per share) $ 0.07 $ (0.05) $ 0.01 $ (0.09)
Diluted earnings per share (usd per share) $ 0.34 $ 0.47 $ 0.45 $ 0.34
Weighted average number of common shares outstanding:        
Basic (shares) 52,356,798 52,356,798 52,356,798 52,356,798
Diluted (shares) 52,386,381 52,356,798 52,377,214 52,356,798
[1] Net of tax (benefit) expense of $(0.1) million and $2.0 million for the three months ended June 30, 2014 and 2013, respectively, and $(0.6) million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively.
[2] Net of tax benefit of nil and $(0.4) million for the three months ended June 30, 2014 and 2013, respectively, and nil and $(0.7) million for the six months ended June 30, 2014 and 2013, respectively.
[3] This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 5, “Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.
[4] Amount represents the change in accumulated other comprehensive loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 5, “Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.
[5] Net of tax expense of $1.2 million and $1.8 million for the three and six months ended June 30, 2014, respectively.
[6] For the six months ended June 30, 2014, the 2013 Interest Rate Swap (as hereinafter defined) was deemed effective and therefore the changes in fair value related to the 2013 Interest Rate Swap are recorded in other comprehensive income. See Note 14, "Financial Instruments," for further discussion of the 2013 Interest Rate Swap.
[7] See Note 12, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income during the six months ended June 30, 2014.