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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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Net sales $ 472.3 $ 333.1 $ 1,440.0 $ 1,003.7
Cost of sales 164.6 121.1 495.3 358.1
Gross profit 307.7 212.0 944.7 645.6
Selling, general and administrative expenses 251.8 164.1 761.6 482.0
Acquisition and integration costs 0.9 5.9 5.4 6.3
Restructuring charges and other, net 0.8 (1.5) 18.1 1.8
Operating income 54.2 43.5 159.6 155.5
Other expenses, net:        
Interest expense 20.6 16.2 63.9 50.8
Interest expense – preferred stock dividends 0 1.7 0 4.9
Amortization of debt issuance costs 1.3 1.3 4.1 3.8
Loss on early extinguishment of debt 0 0.2 2.0 28.1
Foreign currency losses, net 9.3 0.4 17.9 3.2
Miscellaneous, net 0.1 0.6 0.2 0.8
Other expenses, net 31.3 20.4 88.1 91.6
Income from continuing operations before income taxes 22.9 23.1 71.5 63.9
Provision for income taxes 8.7 12.1 34.2 30.3
Income from continuing operations, net of taxes 14.2 11.0 37.3 33.6
Income (loss) from discontinued operations, net of taxes 0.4 (1.5) 0.9 (6.3)
Net income 14.6 9.5 38.2 27.3
Other comprehensive (loss) income:        
Currency translation adjustment, net of tax (18.3) [1] 1.1 [1] (17.1) [1] (3.6) [1]
Amortization of pension related costs, net of tax 1.1 [2],[3] 2.0 [2],[3] 3.4 [2],[3],[4] 5.8 [2],[3]
Revaluation of derivative financial instruments, net of tax 0.6 [5] 0 [5] (2.3) [5],[6] 0 [5]
Other comprehensive (loss) income (16.6) 3.1 (16.0) [7] 2.2
Total comprehensive (loss) income $ (2.0) $ 12.6 $ 22.2 $ 29.5
Basic earnings (loss) per common share:        
Continuing operations (usd per share) $ 0.27 $ 0.21 $ 0.71 $ 0.64
Discontinued operations (usd per share) $ 0.01 $ (0.03) $ 0.02 $ (0.12)
Basic earnings per share (usd per share) $ 0.28 $ 0.18 $ 0.73 $ 0.52
Diluted earnings (loss) per common share:        
Continuing operations (usd per share) $ 0.27 $ 0.21 $ 0.71 $ 0.64
Discontinued operations (usd per share) $ 0.01 $ (0.03) $ 0.02 $ (0.12)
Diluted earnings per share (usd per share) $ 0.28 $ 0.18 $ 0.73 $ 0.52
Weighted average number of common shares outstanding:        
Basic (shares) 52,356,798 52,356,798 52,356,798 52,356,798
Diluted (shares) 52,414,963 52,356,798 52,389,935 52,356,798
[1] Net of tax expense (benefit) of $0.2 million and $0.9 million for the three months ended September 30, 2014 and 2013, respectively, and $(0.4) million and $3.2 million for the nine months ended September 30, 2014 and 2013, respectively.
[2] Net of tax benefit of nil and $(0.2) million for the three months ended September 30, 2014 and 2013, respectively, and nil and $(0.9) million for the nine months ended September 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 (benefit) of $0.4 million and $(1.4) million for the three and nine months ended September 30, 2014, respectively.
[6] For the nine months ended September 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 nine months ended September 30, 2014.