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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION
 3 Months Ended
Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION
Products Corporation's 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 "6.25% Senior Notes Guarantors").

The following Condensed Consolidating Financial Statements present the financial information as of March 31, 2021 and December 31, 2020, and for each of the three months March 31, 2021 and 2020 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 did not guarantee and do not guarantee Products Corporation's 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 March 31, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$7.6 $1.5 $76.5 $— $85.6 
Trade receivables, less allowances for doubtful accounts74.7 81.1 159.8 — 315.6 
Inventories, net114.4 149.1 177.7 — 441.2 
Prepaid expenses and other222.3 24.6 64.2 — 311.1 
Intercompany receivables3,754.7 3,692.3 746.3 (8,193.3)— 
Investment in subsidiaries1,698.7 15.9 — (1,714.6)— 
Property, plant and equipment, net171.9 69.0 94.7 — 335.6 
Deferred income taxes— 3.4 20.5 — 23.9 
Goodwill48.9 264.0 250.3 — 563.2 
Intangible assets, net9.8 183.4 226.3 — 419.5 
Other assets66.8 8.7 29.4 — 104.9 
      Total assets$6,169.8 $4,493.0 $1,845.7 $(9,907.9)$2,600.6 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $0.3 $— $0.3 
Current portion of long-term debt107.1 — 0.1 — 107.2 
Accounts payable84.4 41.0 70.2 — 195.6 
Accrued expenses and other120.0 64.1 221.6 — 405.7 
Intercompany payables4,138.8 3,295.4 758.9 (8,193.1)— 
Long-term debt3,193.9 — 72.9 — 3,266.8 
Other long-term liabilities273.7 112.7 34.8 — 421.2 
      Total liabilities7,917.9 3,513.2 1,158.8 (8,193.1)4,396.8 
Stockholder’s (deficiency) equity(1,748.1)979.8 686.9 (1,714.8)(1,796.2)
Total liabilities and stockholder’s (deficiency) equity$6,169.8 $4,493.0 $1,845.7 $(9,907.9)$2,600.6 
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$5.5 $2.5 $89.1 $— $97.1 
Trade receivables, less allowances for doubtful accounts86.0 95.7 170.6 — 352.3 
Inventories, net121.3 147.7 193.6 — 462.6 
Prepaid expenses and other220.6 24.6 55.3 — 300.5 
Intercompany receivables3,592.2 3,549.6 614.1 (7,755.9)— 
Investment in subsidiaries1,653.6 2.3 — (1,655.9)— 
Property, plant and equipment, net178.5 72.1 101.4 — 352.0 
Deferred income taxes— 10.6 23.5 — 34.1 
Goodwill48.9 264.0 250.8 — 563.7 
Intangible assets, net10.0 187.8 233.0 — 430.8 
Other assets67.9 9.3 31.9 — 109.1 
      Total assets$5,984.5 $4,366.2 $1,763.3 $(9,411.8)$2,702.2 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $2.5 $— $2.5 
Current portion of long-term debt159.2 — 58.3 — 217.5 
Accounts payable72.5 48.0 82.8 — 203.3 
Accrued expenses and other144.1 61.7 217.4 — 423.2 
Intercompany payables3,897.1 3,162.0 696.6 (7,755.7)— 
Long-term debt3,104.7 — 0.3 — 3,105.0 
Other long-term liabilities377.3 33.8 42.6 — 453.7 
      Total liabilities7,754.9 3,305.5 1,100.5 (7,755.7)4,405.2 
Stockholder’s (deficiency) equity(1,770.4)1,060.7 662.8 (1,656.1)(1,703.0)
Total liabilities and stockholder’s (deficiency) equity$5,984.5 $4,366.2 $1,763.3 $(9,411.8)$2,702.2 
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended March 31, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$96.1 $118.2 $230.7 $— $445.0 
Cost of sales47.6 56.0 87.6 — 191.2 
Gross profit48.5 62.2 143.1 — 253.8 
Selling, general and administrative expenses98.2 52.4 108.9 — 259.5 
Acquisition, integration and divestiture costs
0.5 — 0.1 — 0.6 
Restructuring charges and other, net1.2 1.5 2.7 — 5.4 
Operating (loss) income(51.4)8.3 31.4 — (11.7)
Other (income) expense:
Intercompany interest, net(0.3)0.6 (0.3)— — 
Interest expense57.8 — 1.1 — 58.9 
Amortization of debt issuance costs8.7 — — — 8.7 
Foreign currency losses, net(0.6)(1.7)5.6 — 3.3 
Miscellaneous, net14.5 2.7 (16.0)— 1.2 
Other expense (income), net80.1 1.6 (9.6)— 72.1 
(Loss) income from operations before income taxes(131.5)6.7 41.0 — (83.8)
Provision for (benefit from) for income taxes0.7 (0.1)10.5 — 11.1 
(Loss) income from operations, net of taxes(132.2)6.8 30.5 — (94.9)
Equity in income (loss) of subsidiaries43.3 6.0 — (49.3)— 
Net (loss) income$(88.9)$12.8 $30.5 $(49.3)$(94.9)
Other comprehensive (loss) income(1.2)7.1 2.8 (10.1)(1.4)
Total comprehensive (loss) income$(90.1)$19.9 $33.3 $(59.4)$(96.3)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended March 31, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$116.4 $112.4 $224.2 $— $453.0 
Cost of sales58.4 54.4 85.0 — 197.8 
Gross profit58.0 58.0 139.2 — 255.2 
Selling, general and administrative expenses104.4 71.0 112.0 — 287.4 
Acquisition, integration and divestiture costs
1.1 0.5 0.5 — 2.1 
Restructuring charges and other, net23.6 1.3 (0.1)— 24.8 
Impairment charges124.3 — — — 124.3 
Loss on divested assets0.8 — — — 0.8 
Operating (loss) income(196.2)(14.8)26.8 — (184.2)
Other (income) expenses:
Intercompany interest, net(2.8)0.6 2.2 — — 
Interest expense46.5 — 1.9 — 48.4 
Amortization of debt issuance costs4.0 — — — 4.0 
Foreign currency losses, net(5.5)1.9 20.2 — 16.6 
Miscellaneous, net(23.9)(9.2)29.0 — (4.1)
Other expense (income), net18.3 (6.7)53.3 — 64.9 
Loss from operations before income taxes(214.5)(8.1)(26.5)— (249.1)
Benefit from income taxes(16.3)(20.2)(0.4)— (36.9)
(Loss) income from operations, net of taxes(198.2)12.1 (26.1)— (212.2)
Equity in (loss) income of subsidiaries(34.1)(20.0)— 54.1 — 
Net (loss) income$(232.3)$(7.9)$(26.1)$54.1 $(212.2)
Other comprehensive (loss) income (2.7)6.5 (8.8)2.3 (2.7)
Total comprehensive (loss) income$(235.0)$(1.4)$(34.9)$56.4 $(214.9)
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Three Months Ended March 31, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$5.4 $(41.6)$7.8 $— $(28.4)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(1.9)0.4 0.8 — (0.7)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (3.5)(4.9)(2.2)— (10.6)
Borrowings under the SISO Term Loan Facility100.0 — — — 100.0 
Net repayments under the Amended 2016 Revolving Credit Facility(59.3)— — — (59.3)
Borrowings under the 2021 Foreign Asset-Based Term Facility75.0 — — — 75.0 
Repayments of the 2018 Foreign Asset-Based Term Facility(58.9)— — — (58.9)
Repayments under the 2016 Term Loan Facility(2.3)— — — (2.3)
Payment of financing costs
(11.8)— — — (11.8)
Tax withholdings related to net share settlements of restricted stock and RSUs(2.4)— — — (2.4)
Other financing activities
(0.1)— — — (0.1)
Net cash provided by (used in) financing activities36.7 (4.9)(2.2)— 29.6 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(21.9)47.7 (27.1)— (1.3)
Net increase (decrease) in cash, cash equivalents and restricted cash18.3 1.6 (20.7)— (0.8)
Cash, cash equivalents and restricted cash at beginning of period$6.5 $7.8 $88.2 $— $102.5 
Cash, cash equivalents and restricted cash at end of period$24.8 $9.4 $67.5 $— $101.7 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Three Months Ended March 31, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(57.7)$3.1 $(23.0)$— $(77.6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(1.8)(0.1)0.1 — (1.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft (2.1)(4.8)0.5 — (6.4)
Net borrowings under the Amended 2016 Revolving Credit Facility69.1 — — — 69.1 
Repayments under the 2016 Term Loan Facility(4.5)— — — (4.5)
Payments of financing costs(0.3)— — — (0.3)
Tax withholdings related to net share settlements of restricted stock and RSUs(0.4)— — — (0.4)
Other financing activities
(0.1)— — — (0.1)
Net cash provided by (used in) financing activities61.7 (4.8)0.5 — 57.4 
Effect of exchange rate changes on cash, cash equivalents and restricted cash— (2.1)(1.2)— (3.3)
Net increase (decrease) in cash, cash equivalents and restricted cash2.2 (3.9)(23.6)— (25.3)
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$3.2 $2.5 $73.6 $— $79.2