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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION
 6 Months Ended
Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION
Products Corporation's 5.75% Senior Notes and 6.25% Senior Notes are fully and unconditionally guaranteed on a senior basis by certain of Products Corporation’s direct and indirect wholly-owned domestic subsidiaries (the "5.75% Senior Notes Guarantors" and the "6.25% Senior Notes Guarantors," respectively, and together the "Guarantor Subsidiaries").

The following Condensed Consolidating Financial Statements present the financial information as of June 30, 2020 and December 31, 2019, and for each of the three and six months June 30, 2020 and 2019 for (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that do not guarantee Products Corporation's 5.75% Senior Notes and 6.25% Senior Notes (the "Non-Guarantor Subsidiaries") on a stand-alone basis; and (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted to the applicable share of the subsidiary's cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of June 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$271.9  $5.9  $60.7  $—  $338.5  
Trade receivables, less allowances for doubtful accounts73.5  59.4  155.4  —  288.3  
Inventories145.9  175.9  189.4  —  511.2  
Prepaid expenses and other224.8  38.1  44.9  —  307.8  
Intercompany receivables3,173.6  3,134.9  508.9  (6,817.4) —  
Investment in subsidiaries1,574.2  14.8  —  (1,589.0) —  
Property, plant and equipment, net189.0  73.8  102.7  —  365.5  
Deferred income taxes235.6  (53.6) 29.1  —  211.1  
Goodwill48.9  264.0  249.8  —  562.7  
Intangible assets, net(20.9) 333.8  128.7  —  441.6  
Other assets72.0  13.6  31.8  —  117.4  
      Total assets$5,988.5  $4,060.6  $1,501.4  $(8,406.4) $3,144.1  
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$—  $—  $2.6  $—  $2.6  
Current portion of long-term debt648.2  —  0.1  —  648.3  
Accounts payable107.6  47.6  69.4  —  224.6  
Accrued expenses and other257.7  (35.0) 158.9  —  381.6  
Intercompany payables3,317.2  2,954.4  545.7  (6,817.3) —  
Long-term debt2,922.8  —  53.0  —  2,975.8  
Other long-term liabilities173.1  111.4  38.4  —  322.9  
      Total liabilities7,426.6  3,078.4  868.1  (6,817.3) 4,555.8  
Stockholder’s (deficiency) equity(1,438.1) 982.2  633.3  (1,589.1) (1,411.7) 
Total liabilities and stockholder’s (deficiency) equity$5,988.5  $4,060.6  $1,501.4  $(8,406.4) $3,144.1  
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$0.8  $6.4  $97.1  $—  $104.3  
Trade receivables, less allowances for doubtful accounts95.5  92.3  235.6  —  423.4  
Inventories131.0  151.5  165.9  —  448.4  
Prepaid expenses and other219.7  26.4  46.5  —  292.6  
Intercompany receivables2,857.7  2,854.6  452.7  (6,165.0) —  
Investment in subsidiaries1,598.3  30.7  —  (1,629.0) —  
Property, plant and equipment, net208.7  89.5  110.4  —  408.6  
Deferred income taxes165.0  (37.8) 30.9  —  158.1  
Goodwill159.9  264.0  249.8  —  673.7  
Intangible assets, net13.0  346.9  130.8  —  490.7  
Other assets67.8  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 debt287.9  —  0.1  —  288.0  
Accounts payable108.4  39.9  103.5  —  251.8  
Accrued expenses and other124.1  70.0  224.1  —  418.2  
Intercompany payables3,030.3  2,668.7  466.0  (6,165.0) —  
Long-term debt2,822.2  —  84.0  —  2,906.2  
Other long-term liabilities220.4  118.2  5.3  —  343.9  
      Total liabilities6,593.3  2,896.8  885.2  (6,165.0) 4,210.3  
Stockholder’s (deficiency) equity(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 Statement of Operations and Comprehensive (Loss) Income
Three Months Ended June 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$93.8  $78.2  $175.6  $—  $347.6  
Cost of sales54.4  43.5  70.7  —  168.6  
Gross profit39.4  34.7  104.9  —  179.0  
Selling, general and administrative expenses58.8  45.2  90.4  —  194.4  
Acquisition and integration costs2.0  (0.5) (0.3) —  1.2  
Restructuring charges and other, net17.1  3.0  0.6  —  20.7  
Impairment charges19.8  —  —  —  19.8  
Gain on divested assets(0.2) —  —  —  (0.2) 
Operating (loss) income(58.1) (13.0) 14.2  —  (56.9) 
Other (income) expense:
Intercompany interest, net(0.3) 0.6  (0.3) —  —  
Interest expense59.2  —  1.7  —  60.9  
Amortization of debt issuance costs6.0  —  —  —  6.0  
(Gain) loss on early extinguishment of debt, net(11.9) —  —  —  (11.9) 
Foreign currency losses (gains), net6.2  0.5  (4.4) —  2.3  
Miscellaneous, net24.9  (6.9) 2.6  —  20.6  
Other expense (income), net84.1  (5.8) (0.4) —  77.9  
(Loss) income from continuing operations before income taxes(142.2) (7.2) 14.6  —  (134.8) 
(Benefit from) provision for income taxes(35.8) 21.6  4.6  —  (9.6) 
(Loss) income from continuing operations, net of taxes(106.4) (28.8) 10.0  —  (125.2) 
Equity in income (loss) of subsidiaries4.7  (6.9) —  2.2  —  
Net (loss) income$(101.7) $(35.7) $10.0  $2.2  $(125.2) 
Other comprehensive income (loss)14.3  7.9  11.2  (19.1) 14.3  
Total comprehensive (loss) income$(87.4) $(27.8) $21.2  $(16.9) $(110.9) 
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended June 30, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$155.5  $124.8  $290.3  $(0.4) $570.2  
Cost of sales72.2  64.1  108.0  (0.4) 243.9  
Gross profit83.3  60.7  182.3  —  326.3  
Selling, general and administrative expenses109.3  81.5  140.2  —  331.0  
Restructuring charges and other, net0.8  0.8  1.6  —  3.2  
Operating (loss) income(26.8) (21.6) 40.5  —  (7.9) 
Other (income) expense:
Intercompany interest, net(1.1) 0.7  0.4  —  —  
Interest expense46.1  —  1.7  —  47.8  
Amortization of debt issuance costs3.5  —  —  —  3.5  
Foreign currency losses, net1.8  0.3  (0.9) —  1.2  
Miscellaneous, net(10.1) (12.7) 27.4  —  4.6  
Other expense (income), net40.2  (11.7) 28.6  —  57.1  
(Loss) income from continuing operations before income taxes(67.0) (9.9) 11.9  —  (65.0) 
(Benefit from) provision for income taxes(3.6) (0.1) 2.8  —  (0.9) 
Loss (income) from continuing operations, net of taxes(63.4) (9.8) 9.1  —  (64.1) 
Income from discontinued operations, net of taxes—  —  1.6  —  1.6  
Equity in income (loss) of subsidiaries1.1  6.3  —  (7.4) —  
Net (loss) income$(62.3) $(3.5) $10.7  $(7.4) $(62.5) 
Other comprehensive income (loss)5.3  (1.1) (0.5) 1.6  5.3  
Total comprehensive (loss) income$(57.0) $(4.6) $10.2  $(5.8) $(57.2) 
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Six Months Ended June 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$210.2  $190.7  $399.8  $(0.1) $800.6  
Cost of sales112.9  97.9  155.7  (0.1) 366.4  
Gross profit97.3  92.8  244.1  —  434.2  
Selling, general and administrative expenses163.2  116.1  202.5  —  481.8  
Acquisition, integration and divestiture costs
3.2  —  0.1  —  3.3  
Restructuring charges and other, net40.7  4.3  0.5  —  45.5  
Impairment charges144.1  —  —  —  144.1  
Loss on divested assets0.6  —  —  —  0.6  
Operating (loss) income(254.5) (27.6) 41.0  —  (241.1) 
Other (income) expense:
Intercompany interest, net(3.0) 1.1  1.9  —  —  
Interest expense105.7  —  3.6  —  109.3  
Amortization of debt issuance costs10.0  —  —  —  10.0  
(Gain) loss on early extinguishment of debt, net(11.9) —  —  —  (11.9) 
Foreign currency losses, net0.6  2.4  15.9  —  18.9  
Miscellaneous, net0.9  (16.1) 31.7  —  16.5  
Other expense (income), net102.3  (12.6) 53.1  —  142.8  
Loss from continuing operations before income taxes(356.8) (15.0) (12.1) —  (383.9) 
Benefit from for income taxes(52.1) 1.4  4.2  —  (46.5) 
Loss from continuing operations, net of taxes(304.7) (16.4) (16.3) —  (337.4) 
Equity in (loss) income of subsidiaries(29.3) (26.9) —  56.2  —  
Net (loss) income$(334.0) $(43.3) $(16.3) $56.2  $(337.4) 
Other comprehensive (loss) income11.6  14.4  2.4  (16.8) 11.6  
Total comprehensive (loss) income$(322.4) $(28.9) $(13.9) $39.4  $(325.8) 
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Six Months Ended June 30, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$311.0  $254.1  $561.5  $(3.2) $1,123.4  
Cost of sales140.2  129.2  215.5  (3.2) 481.7  
Gross profit170.8  124.9  346.0  —  641.7  
Selling, general and administrative expenses239.0  156.6  266.2  —  661.8  
Acquisition, integration and divestiture costs
0.5  0.1  —  —  0.6  
Restructuring charges and other, net2.4  2.9  3.4  —  8.7  
Operating (loss) income(71.1) (34.7) 76.4  —  (29.4) 
Other (income) expenses:
Intercompany interest, net(2.4) 1.4  1.0  —  —  
Interest expense92.0  —  3.5  —  95.5  
Amortization of debt issuance costs6.7  —  —  —  6.7  
Foreign currency losses, net0.3  0.3  0.8  —  1.4  
Miscellaneous, net(18.0) (26.2) 50.1  —  5.9  
Other expense (income), net78.6  (24.5) 55.4  —  109.5  
(Loss) income from continuing operations before income taxes(149.7) (10.2) 21.0  —  (138.9) 
(Benefit from) provision for income taxes(5.4) 0.4  4.4  —  (0.6) 
(Loss) income from continuing operations, net of taxes(144.3) (10.6) 16.6  —  (138.3) 
Income from discontinued operations, net of taxes—  —  2.3  —  2.3  
Equity in income (loss) of subsidiaries8.5  11.7  —  (20.2) —  
Net (loss) income$(135.8) $1.1  $18.9  $(20.2) $(136.0) 
Other comprehensive income (loss)6.2  (1.2) 0.1  1.1  6.2  
Total comprehensive (loss) income$(129.6) $(0.1) $19.0  $(19.1) $(129.8) 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(148.3) $14.6  $(30.5) $—  $(164.2) 
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(2.7) —  —  —  (2.7) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (1.3) (6.2) 0.5  —  (7.0) 
Borrowings under the 2020 BrandCo Facilities880.0  —  —  —  880.0  
Repurchases of the 5.75% Senior Notes(99.6) —  —  —  (99.6) 
Net borrowings under the Amended 2016 Revolving Credit Facility(22.9) —  —  —  (22.9) 
Repayment of the 2019 Term Loan Facility(200.0) —  —  —  (200.0) 
Repayments under the 2018 Foreign Asset-Based Term Loan(31.4) —  —  (31.4) 
Repayments under the 2016 Term Loan Facility(6.9) —  —  —  (6.9) 
Payment of financing costs
(101.2) —  —  —  (101.2) 
Tax withholdings related to net share settlements of restricted stock and RSUs(1.6) —  —  —  (1.6) 
Other financing activities
(1.0) —  —  —  (1.0) 
Net cash provided by (used in) financing activities414.1  (6.2) 0.5  —  408.4  
Effect of exchange rate changes on cash, cash equivalents and restricted cash—  (9.0) 6.9  —  (2.1) 
Net increase (decrease) in cash, cash equivalents and restricted cash263.1  (0.6) (23.1) —  239.4  
Cash, cash equivalents and restricted cash at beginning of period$1.0  $6.4  $97.2  $—  $104.5  
Cash, cash equivalents and restricted cash at end of period$264.1  $5.8  $74.1  $—  $343.9  
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(36.8) $4.8  $(9.2) $—  $(41.2) 
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities(6.3) (1.2) (4.7) —  (12.2) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (9.7) (6.6) (2.5) —  (18.8) 
Repayments under the 2016 Term Loan Facility(9.0) —  —  —  (9.0) 
Net borrowings under the Amended 2016 Revolving Credit Facility59.9  —  —  —  59.9  
Payments of financing costs(0.8) —  (0.6) —  (1.4) 
Tax withholdings related to net share settlements of restricted stock and RSUs(1.6) —  —  —  (1.6) 
Other financing activities
(0.4) —  (0.1) —  (0.5) 
Net cash provided by financing activities38.4  (6.6) (3.2) —  28.6  
Effect of exchange rate changes on cash, cash equivalents and restricted cash—  0.1  0.4  —  0.5  
Net decrease in cash, cash equivalents and restricted cash(4.7) (2.9) (16.7) —  (24.3) 
Cash, cash equivalents and restricted cash at beginning of period$7.2  $6.6  $73.7  $—  87.5  
Cash, cash equivalents and restricted cash at end of period$2.5  $3.7  $57.0  $—  $63.2