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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of September 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$167.8 $8.8 $91.7 $— $268.3 
Trade receivables, less allowances for doubtful accounts54.6 107.7 178.5 — 340.8 
Inventories, net141.0 180.9 203.6 — 525.5 
Prepaid expenses and other215.0 31.2 59.4 — 305.6 
Intercompany receivables3,375.6 3,296.1 464.4 (7,136.1)— 
Investment in subsidiaries1,581.4 (0.1)— (1,581.3)— 
Property, plant and equipment, net184.4 70.5 100.9 — 355.8 
Deferred income taxes243.5 (70.6)39.0 — 211.9 
Goodwill48.9 264.0 250.3 — 563.2 
Intangible assets, net10.8 192.1 233.0 — 435.9 
Other assets69.0 13.4 30.1 — 112.5 
      Total assets$6,092.0 $4,094.0 $1,650.9 $(8,717.4)$3,119.5 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $2.0 $— $2.0 
Current portion of long-term debt649.0 — 55.5 — 704.5 
Accounts payable75.1 62.2 82.6 — 219.9 
Accrued expenses and other243.5 (48.2)195.5 — 390.8 
Intercompany payables3,496.2 3,013.9 625.9 (7,136.0)— 
Long-term debt2,926.2 — 0.3 — 2,926.5 
Other long-term liabilities172.9 109.3 38.1 — 320.3 
      Total liabilities7,562.9 3,137.2 999.9 (7,136.0)4,564.0 
Stockholder’s (deficiency) equity(1,470.9)956.8 651.0 (1,581.4)(1,444.5)
Total liabilities and stockholder’s (deficiency) equity$6,092.0 $4,094.0 $1,650.9 $(8,717.4)$3,119.5 
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 
Inventories, net131.0 151.5 165.9 — 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) equity$5,517.4 $3,840.7 $1,556.8 $(7,794.0)$3,120.9 
Condensed Income Statement and Statement of Comprehensive Income
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended September 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$95.7 $148.9 $232.4 $0.1 $477.1 
Cost of sales45.6 92.6 96.0 0.1 234.3 
Gross profit50.1 56.3 136.4 — 242.8 
Selling, general and administrative expenses84.4 47.7 119.3 — 251.4 
Acquisition and integration costs0.8 — 0.1 — 0.9 
Restructuring charges and other, net(8.4)2.7 5.0 — (0.7)
Impairment charges(23.4)22.0 1.4 — — 
Gain on divested assets(1.1)— — — (1.1)
Operating (loss) income(2.2)(16.1)10.6 — (7.7)
Other (income) expense:
Intercompany interest, net(0.5)0.7 (0.2)— — 
Interest expense67.3 — 1.4 — 68.7 
Amortization of debt issuance costs7.8 — — — 7.8 
Gain on early extinguishment of debt(31.2)— — — (31.2)
Foreign currency losses (gains), net1.0 (0.7)(10.1)— (9.8)
Miscellaneous, net(1.8)(55.4)54.6 — (2.6)
Other expense (income), net42.6 (55.4)45.7 — 32.9 
(Loss) income from continuing operations before income taxes(44.8)39.3 (35.1)— (40.6)
(Benefit from) provision for income taxes(6.3)17.8 (9.2)— 2.3 
(Loss) income from continuing operations, net of taxes(38.5)21.5 (25.9)— (42.9)
Equity in income (loss) of subsidiaries30.0 (10.0)— (20.0)— 
Net (loss) income$(8.5)$11.5 $(25.9)$(20.0)$(42.9)
Other comprehensive income (loss)5.0 (7.1)1.6 5.5 5.0 
Total comprehensive (loss) income$(3.5)$4.4 $(24.3)$(14.5)$(37.9)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended September 30, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$118.4 $174.8 $303.9 $(0.3)$596.8 
Cost of sales64.9 88.1 116.3 (0.3)269.0 
Gross profit53.5 86.7 187.6 — 327.8 
Selling, general and administrative expenses90.5 82.1 133.7 — 306.3 
Acquisition and integration costs0.1 — — — 0.1 
Restructuring charges and other, net1.0 0.5 1.4 — 2.9 
Operating (loss) income(38.1)4.1 52.5 — 18.5 
Other (income) expense:
Intercompany interest, net(1.1)0.6 0.5 — — 
Interest expense48.5 — 1.7 — 50.2 
Amortization of debt issuance costs3.7 — — — 3.7 
Foreign currency losses (gains), net0.9 (0.1)6.8 — 7.6 
Miscellaneous, net(8.4)(10.0)20.1 — 1.7 
Other expense (income), net43.6 (9.5)29.1 — 63.2 
(Loss) income from continuing operations before income taxes(81.7)13.6 23.4 — (44.7)
(Benefit from) provision for income taxes(31.4)18.9 10.7 — (1.8)
Loss (income) from continuing operations, net of taxes(50.3)(5.3)12.7 — (42.9)
Income from discontinued operations, net of taxes— — (0.3)— (0.3)
Equity in income (loss) of subsidiaries30.8 0.1 — (30.9)— 
Net (loss) income$(19.5)$(5.2)$12.4 $(30.9)$(43.2)
Other comprehensive income (loss)0.5 3.9 (1.9)(2.0)0.5 
Total comprehensive (loss) income$(19.0)$(1.3)$10.5 $(32.9)$(42.7)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Nine Months Ended September 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$305.9 $339.6 $632.2 $— $1,277.7 
Cost of sales158.5 190.5 251.7 — 600.7 
Gross profit147.4 149.1 380.5 — 677.0 
Selling, general and administrative expenses247.6 163.8 321.8 — 733.2 
Acquisition, integration and divestiture costs
4.0 — 0.2 — 4.2 
Restructuring charges and other, net32.3 7.0 5.5 — 44.8 
Impairment charges120.7 22.0 1.4 — 144.1 
Gain on divested assets(0.5)— — — (0.5)
Operating (loss) income(256.7)(43.7)51.6 — (248.8)
Other (income) expense:
Intercompany interest, net(3.5)1.8 1.7 — — 
Interest expense173.0 — 5.0 — 178.0 
Amortization of debt issuance costs17.8 — — — 17.8 
Gain on early extinguishment of debt(43.1)— — — (43.1)
Foreign currency losses, net1.6 1.7 5.8 — 9.1 
Miscellaneous, net(0.9)(71.5)86.3 — 13.9 
Other expense (income), net144.9 (68.0)98.8 — 175.7 
Loss from continuing operations before income taxes(401.6)24.3 (47.2)— (424.5)
Benefit from for income taxes(58.4)19.2 (5.0)— (44.2)
Loss from continuing operations, net of taxes(343.2)5.1 (42.2)— (380.3)
Equity in (loss) income of subsidiaries0.7 (36.9)— 36.2 — 
Net (loss) income$(342.5)$(31.8)$(42.2)$36.2 $(380.3)
Other comprehensive (loss) income16.6 7.3 4.0 (11.3)16.6 
Total comprehensive (loss) income$(325.9)$(24.5)$(38.2)$24.9 $(363.7)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Nine Months Ended September 30, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$429.4 $428.9 $865.4 $(3.5)$1,720.2 
Cost of sales205.1 217.3 331.8 (3.5)750.7 
Gross profit224.3 211.6 533.6 — 969.5 
Selling, general and administrative expenses329.5 238.7 399.9 — 968.1 
Acquisition, integration and divestiture costs
0.6 0.1 — — 0.7 
Restructuring charges and other, net3.4 3.4 4.8 — 11.6 
Operating (loss) income(109.2)(30.6)128.9 — (10.9)
Other (income) expenses:
Intercompany interest, net(3.5)2.0 1.5 — — 
Interest expense140.5 — 5.2 — 145.7 
Amortization of debt issuance costs10.4 — — — 10.4 
Foreign currency losses, net1.2 0.2 7.6 — 9.0 
Miscellaneous, net(26.4)(36.2)70.2 — 7.6 
Other expense (income), net122.2 (34.0)84.5 — 172.7 
(Loss) income from continuing operations before income taxes(231.4)3.4 44.4 — (183.6)
(Benefit from) provision for income taxes(36.8)19.3 15.1 — (2.4)
(Loss) income from continuing operations, net of taxes(194.6)(15.9)29.3 — (181.2)
Income from discontinued operations, net of taxes— — 2.0 — 2.0 
Equity in income (loss) of subsidiaries39.3 11.8 — (51.1)— 
Net (loss) income$(155.3)$(4.1)$31.3 $(51.1)$(179.2)
Other comprehensive income (loss)6.7 2.7 (1.8)(0.9)6.7 
Total comprehensive (loss) income$(148.6)$(1.4)$29.5 $(52.0)$(172.5)
Condensed Cash Flow Statement
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(260.0)$6.6 $(3.5)$— $(256.9)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities(6.0)(0.5)(0.9)— (7.4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft 2.5 (3.8)0.6 — (0.7)
Borrowings under the 2020 BrandCo Facilities880.0 — — — 880.0 
Repurchases of the 5.75% Senior Notes(114.1)— — — (114.1)
Net borrowings under the Amended 2016 Revolving Credit Facility19.5 — — — 19.5 
Net borrowings under the 2019 Term Loan Facility (a)(200.0)— — — (200.0)
Repayments under the 2018 Foreign Asset-Based Term Loan(31.4)— — — (31.4)
Repayments under the 2016 Term Loan Facility(9.2)— — — (9.2)
Payment of financing costs
(109.4)— 1.1 — (108.3)
Tax withholdings related to net share settlements of restricted stock and RSUs(1.6)— — — (1.6)
Other financing activities
(0.1)(0.1)(0.1)— (0.3)
Net cash provided by (used in) financing activities436.2 (3.9)1.6 — 433.9 
Effect of exchange rate changes on cash, cash equivalents and restricted cash0.4 2.0 (2.8)— (0.4)
Net increase (decrease) in cash, cash equivalents and restricted cash170.6 4.2 (5.6)— 169.2 
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$171.6 $10.6 $91.6 $— $273.7 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2019
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(169.1)$5.6 $(3.3)$— $(166.8)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities(10.9)(2.0)(7.1)— (20.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (11.5)(7.2)(3.7)— (22.4)
Net borrowings under the Amended 2016 Revolving Credit Facility13.4 — — — 13.4 
Net borrowings under the 2019 Term Loan Facility (a)200.0 — — — 200.0 
Repayments under the 2016 Term Loan Facility(13.5)— — — (13.5)
Payments of financing costs(12.2)— (1.2)— (13.4)
Tax withholdings related to net share settlements of restricted stock and RSUs(1.6)— — — (1.6)
Other financing activities
(0.6)(0.1)(0.2)— (0.9)
Net cash provided by (used in) financing activities174.0 (7.3)(5.1)— 161.6 
Effect of exchange rate changes on cash, cash equivalents and restricted cash— 0.4 (1.8)— (1.4)
Net decrease in cash, cash equivalents and restricted cash(6.0)(3.3)(17.3)— (26.6)
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$1.2 $3.3 $56.4 $— $60.9