PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2019
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	0.8	$	6.4	$	97.1	$	—	$	104.3
Trade receivables, less allowances for doubtful accounts	95.5		92.3		235.6		—		423.4
Inventories	131.0		151.5		165.9		—		448.4
Prepaid expenses and other	219.7		26.4		46.5		—		292.6
Intercompany receivables	2,857.7		2,854.6		452.7		(6,165.0)		—
Investment in subsidiaries	1,598.3		30.7		—		(1,629.0)		—
Property, plant and equipment, net	208.7		89.5		110.4		—		408.6
Deferred income taxes	165.0		(37.8)		30.9		—		158.1
Goodwill	159.9		264.0		249.8		—		673.7
Intangible assets, net	13.0		346.9		130.8		—		490.7
Other assets	67.8		16.2		37.1		—		121.1
Total assets	$	5,517.4	$	3,840.7	$	1,556.8	$	(7,794.0)	$	3,120.9
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—	$	—	$	2.2	$	—	$	2.2
Current portion of long-term debt	287.9		—		0.1		—		288.0
Accounts payable	108.4		39.9		103.5		—		251.8
Accrued expenses and other	124.1		70.0		224.1		—		418.2
Intercompany payables	3,030.3		2,668.7		466.0		(6,165.0)		—
Long-term debt	2,822.2		—		84.0		—		2,906.2
Other long-term liabilities	220.4		118.2		5.3		—		343.9
Total liabilities	6,593.3		2,896.8		885.2		(6,165.0)		4,210.3
Stockholder’s deficiency	(1,075.9)		943.9		671.6		(1,629.0)		(1,089.4)
Total liabilities and stockholder’s deficiency	$	5,517.4	$	3,840.7	$	1,556.8	$	(7,794.0)	$	3,120.9

Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2018
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	7.3	$	6.6	$	73.4	$	—	$	87.3
Trade receivables, less allowances for doubtful accounts	89.7		103.5		238.1		—		431.3
Inventories	150.7		196.5		176.0		—		523.2
Prepaid expenses and other	214.7		25.0		60.0		—		299.7
Intercompany receivables	2,225.4		2,177.2		266.1		(4,668.7)		—
Investment in subsidiaries	1,627.4		30.4		—		(1,657.8)		—
Property, plant and equipment, net	197.1		57.5		99.9		—		354.5
Deferred income taxes	105.9		(6.9)		15.8		—		114.8
Goodwill	159.9		263.9		250.1		—		673.9
Intangible assets, net	21.2		412.2		98.6		—		532.0
Other assets	71.8		23.4		35.6		—		130.8
Total assets	$	4,871.1	$	3,289.3	$	1,313.6	$	(6,326.5)	$	3,147.5
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—	$	—	$	9.3	$	—	$	9.3
Current portion of long-term debt	348.0		—		0.1		—		348.1
Accounts payable	148.8		88.6		94.7		—		332.1
Accrued expenses and other	152.6		87.0		195.1		—		434.7
Intercompany payables	2,226.8		2,028.9		413.0		(4,668.7)		—
Long-term debt	2,644.6		—		83.1		—		2,727.7
Other long-term liabilities	153.4		11.2		64.1		—		228.7
Total liabilities	5,674.2		2,215.7		859.4		(4,668.7)		4,080.6
Stockholder’s deficiency	(803.1)		1,073.6		454.2		(1,657.8)		(933.1)
Total liabilities and stockholder’s deficiency	$	4,871.1	$	3,289.3	$	1,313.6	$	(6,326.5)	$	3,147.5

Condensed Income Statement and Statement of Comprehensive Income

Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Year Ended December 31, 2019
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Sales	$	590.1	$	622.1	$	1,210.8	$	(3.4)	$	2,419.6
Cost of sales	282.6		306.5		466.5		(3.4)		1,052.2
Gross profit	307.5		315.6		744.3		—		1,367.4
Selling, general and administrative expenses	430.6		331.9		546.2		—		1,308.7
Acquisition, integration and divestiture costs	0.7		0.1		3.1		—		3.9
Restructuring charges and other, net	3.3		4.0		5.5		—		12.8
Gain on divested assets	—		—		(26.6)		—		(26.6)
Operating (loss) income	(127.1)		(20.4)		216.1		—		68.6
Other (income) expense:
Intercompany interest, net	(4.3)		2.6		1.7		—		—
Interest expense	189.5		—		7.1		—		196.6
Amortization of debt issuance costs	14.6		—		—		—		14.6
Foreign currency losses, net	(0.6)		(1.2)		(0.1)		—		(1.9)
Miscellaneous, net	(31.6)		(36.3)		84.3		—		16.4
Other expense (income), net	167.6		(34.9)		93.0		—		225.7
(Loss) income from continuing operations before income taxes	(294.7)		14.5		123.1		—		(157.1)
(Benefit from) provision for income taxes	(55.6)		40.8		16.4		—		1.6
(Loss) income from continuing operations, net of taxes	(239.1)		(26.3)		106.7		—		(158.7)
Income from discontinued operations, net of taxes	—		—		7.5		—		7.5
Equity in loss (income) of subsidiaries	144.5		19.0		—		(163.5)		—
Net (loss) income	$	(94.6)	$	(7.3)	$	114.2	$	(163.5)	$	(151.2)
Other comprehensive (loss) income	(13.3)		(6.9)		1.3		5.7		(13.2)
Total comprehensive (loss) income	$	(107.9)	$	(14.2)	$	115.5	$	(157.8)	$	(164.4)

Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Year Ended December 31, 2018
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Sales	$	644.6	$	707.1	$	1,213.4	$	(0.6)	$	2,564.5
Cost of sales	300.9		343.6		473.1		(0.6)		1,117.0
Gross profit	343.7		363.5		740.3		—		1,447.5
Selling, general and administrative expenses	441.0		421.5		591.7		—		1,454.2
Acquisition, integration and divestiture costs	8.5		1.6		3.8		—		13.9
Restructuring charges and other, net	5.2		3.1		11.9		—		20.2
Impairment charges	18.0		—		—				18.0
Loss on divested assets	20.1		—		—		—		20.1
Operating (loss) income	(149.1)		(62.7)		132.9		—		(78.9)
Other (income) expenses:
Intercompany interest, net	(7.0)		2.5		4.5		—		—
Interest expense	172.7		—		3.9		—		176.6
Amortization of debt issuance costs	13.0		—		—		—		13.0
Foreign currency losses, net	3.5		0.6		11.7		—		15.8
Miscellaneous, net	(44.4)		(45.3)		91.0		—		1.3
Other expense (income), net	137.8		(42.2)		111.1		—		206.7
(Loss) income from continuing operations before income taxes	(286.9)		(20.5)		21.8		—		(285.6)
(Benefit from) provision for income taxes	(10.4)		7.3		6.5		—		3.4
(Loss) income from continuing operations, net of taxes	(276.5)		(27.8)		15.3		—		(289.0)
Loss from discontinued operations, net of taxes	—		—		(0.1)		—		(0.1)
Equity in (income) loss of subsidiaries	(12.6)		(6.6)		—		19.2		—
Net (loss) income	$	(289.1)	$	(34.4)	$	15.2	$	19.2	$	(289.1)
Other comprehensive (loss) income	(5.8)		(1.0)		(12.8)		13.8		(5.8)
Total comprehensive (loss) income	$	(294.9)	$	(35.4)	$	2.4	$	33.0	$	(294.9)

Condensed Cash Flow Statement

Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2019
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$	(83.9)	$	1.9	$	13.7	$	—	$	(68.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities	(17.1)		(2.0)		21.2		—		2.1
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft	(7.1)		(3.7)		(6.5)		—		(17.3)
Repayments under the Amended 2016 Revolving Credit Facility	(62.6)		—		—		—		(62.6)
Net borrowings under the 2019 Term Loan Facility	200.0		—		—		—		200.0
Repayments under the 2016 Term Loan Facility	(18.0)		—		—		—		(18.0)
Payment of financing costs	(15.3)		—		—		—		(15.3)
Tax withholdings related to net share settlements of restricted stock units and awards	(1.6)		—		—		—		(1.6)
Other financing activities	(0.6)		(0.1)		(0.2)		—		(0.9)
Net cash provided by (used in) financing activities	94.8		(3.8)		(6.7)		—		84.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		3.7		(4.8)		—		(1.1)
Net (decrease) increase in cash, cash equivalents and restricted cash	(6.3)		(0.2)		23.6		—		17.0
Cash, cash equivalents and restricted cash at beginning of period	$	7.3	$	6.6	$	73.6	$	—	$	87.5
Cash, cash equivalents and restricted cash at end of period	$	1.0	$	6.4	$	97.2	$	—	$	104.5

Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2018
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(102.3)	$	(0.7)	$	(67.8)	$	—	$	(170.8)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities	(35.0)		(5.3)		(16.9)		—		(57.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(5.5)		7.0		(2.6)		—		(1.1)
Net borrowings under the Amended 2016 Revolving Credit Facility	178.0		—		—		—		178.0
Repayments under the 2016 Term Loan Facility	(18.0)		—		—		—		(18.0)
Net Borrowings under the 2018 Foreign Asset-Based Term Loan	—		—		88.9				88.9
Payments of financing costs	(5.4)		—		(4.3)		—		(9.7)
Tax withholdings related to net share settlements of restricted stock units and awards	(3.6)		—		—		—		(3.6)
Other financing activities	(1.2)		—		(0.2)		—		(1.4)
Net cash provided by financing activities	144.3		7.0		81.8		—		233.1
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		0.3		(5.3)		—		(5.0)
Net increase (decrease) in cash, cash equivalents and restricted cash	7.0		1.3		(8.2)		—		0.1
Cash, cash equivalents and restricted cash at beginning of period	$	0.3	$	5.3	$	81.8	$	—	87.4
Cash, cash equivalents and restricted cash at end of period	$	7.3	$	6.6	$	73.6	$	—	$	87.5