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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of June 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$12.0 $2.4 $95.4 $— $109.8 
Trade receivables, less allowances for doubtful accounts77.0 86.6 150.7 — 314.3 
Inventories, net109.5 154.7 177.7 — 441.9 
Prepaid expenses and other212.7 27.2 66.3 — 306.2 
Intercompany receivables3,782.7 3,842.6 691.6 (8,316.9)— 
Investment in subsidiaries1,765.0 16.6 — (1,781.6)— 
Property, plant and equipment, net165.8 65.7 90.1 — 321.6 
Deferred income taxes— 12.3 20.3 — 32.6 
Goodwill48.9 264.0 250.4 — 563.3 
Intangible assets, net9.5 178.9 223.5 — 411.9 
Other assets59.7 8.4 28.9 — 97.0 
      Total assets$6,242.8 $4,659.4 $1,794.9 $(10,098.5)$2,598.6 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $0.8 $— $0.8 
Current portion of long-term debt129.6 — 0.1 — 129.7 
Accounts payable76.2 41.6 79.2 — 197.0 
Accrued expenses and other117.9 76.1 221.7 — 415.7 
Intercompany payables4,231.6 3,422.6 662.5 (8,316.7)— 
Long-term debt3,226.5 — 72.9 — 3,299.4 
Other long-term liabilities314.4 101.6 (4.1)— 411.9 
      Total liabilities8,096.2 3,641.9 1,033.1 (8,316.7)4,454.5 
Stockholder’s (deficiency) equity(1,853.4)1,017.5 761.8 (1,781.8)(1,855.9)
Total liabilities and stockholder’s (deficiency) equity$6,242.8 $4,659.4 $1,794.9 $(10,098.5)$2,598.6 
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 
Condensed Consolidating Statement of Operations and and Comprehensive (Loss) Income
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended June 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$112.4 $131.2 $253.8 $— $497.4 
Cost of sales51.1 54.4 90.8 — 196.3 
Gross profit61.3 76.8 163.0 — 301.1 
Selling, general and administrative expenses90.6 60.6 126.5 — 277.7 
Acquisition and integration costs0.6 — — — 0.6 
Restructuring charges and other, net5.6 0.7 2.1 — 8.4 
Impairment charges— — — — — 
Gain on divested assets(1.8)— — — (1.8)
Operating (loss) income(33.7)15.5 34.4 — 16.2 
Other (income) expense:
Intercompany interest, net(0.5)0.6 (0.1)— — 
Interest expense61.9 — — — 61.9 
Amortization of debt issuance costs13.3 — — — 13.3 
Gain on early extinguishment of debt— — — — — 
Foreign currency losses (gains), net0.4 0.8 (2.9)— (1.7)
Miscellaneous, net22.2 (14.5)(6.2)— 1.5 
Other expense (income), net97.3 (13.1)(9.2)— 75.0 
(Loss) income from continuing operations before income taxes(131.0)28.6 43.6 — (58.8)
(Benefit from) provision for income taxes(0.7)1.5 6.5 — 7.3 
(Loss) income from continuing operations, net of taxes(130.3)27.1 37.1 — (66.1)
Equity in income (loss) of subsidiaries66.7 3.7 — (70.4)— 
Net (loss) income$(63.6)$30.8 $37.1 $(70.4)$(66.1)
Other comprehensive income (loss)2.8 (2.9)(0.3)3.4 3.0 
Total comprehensive (loss) income$(60.8)$27.9 $36.8 $(67.0)$(63.1)
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 $— $347.6 
Cost of sales54.4 43.5 70.7 — 168.6 
Gross profit39.4 34.7 104.9 — 179.0 
Selling, general and administrative expenses58.8 45.2 90.4 — 194.4 
Acquisition and integration costs2.0 (0.5)(0.3)— 1.2 
Restructuring charges and other, net17.1 3.0 0.6 — 20.7 
 Impairment charges19.8 — — — 19.8 
 Gain on divested assets(0.2)— — — (0.2)
Operating (loss) income(58.1)(13.0)14.2 — (56.9)
Other (income) expense:
Intercompany interest, net(0.3)0.6 (0.3)— — 
Interest expense59.2 — 1.7 — 60.9 
Amortization of debt issuance costs6.0 — — — 6.0 
Gain on early extinguishment of debt, net(11.9)— — — (11.9)
Foreign currency losses (gains), net6.2 0.5 (4.4)— 2.3 
Miscellaneous, net24.9 (6.9)2.6 — 20.6 
Other expense (income), net84.1 (5.8)(0.4)— 77.9 
(Loss) income from continuing operations before income taxes(142.2)(7.2)14.6 — (134.8)
(Benefit from) provision for income taxes(35.8)21.6 4.6 — (9.6)
Loss (income) from continuing operations, net of taxes(106.4)(28.8)10.0 — (125.2)
Equity in income (loss) of subsidiaries4.7 (6.9)— 2.2 — 
Net (loss) income$(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
Six Months Ended June 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$208.5 $249.4 $484.5 $— $942.4 
Cost of sales98.7 110.4 178.4 — 387.5 
Gross profit109.8 139.0 306.1 — 554.9 
Selling, general and administrative expenses188.8 113.0 235.4 — 537.2 
Acquisition, integration and divestiture costs
1.1 — 0.1 — 1.2 
Restructuring charges and other, net6.8 2.2 4.8 — 13.8 
(Gain) loss on divested assets(1.8)— — — (1.8)
Operating (loss) income(85.1)23.8 65.8 — 4.5 
Other (income) expense:
Intercompany interest, net(0.8)1.2 (0.4)— — 
Interest expense119.7 — 1.1 — 120.8 
Amortization of debt issuance costs22.0 — — — 22.0 
Foreign currency losses, net(0.2)(0.9)2.7 — 1.6 
Miscellaneous, net36.7 (11.8)(22.2)— 2.7 
Other expense (income), net177.4 (11.5)(18.8)— 147.1 
(Loss) income from operations before income taxes(262.5)35.3 84.6 — (142.6)
Provision for (benefit from) for income taxes— 1.4 17.0 — 18.4 
(Loss) income from operations, net of taxes(262.5)33.9 67.6 — (161.0)
Equity in income (loss) of subsidiaries110.0 9.7 — (119.7)— 
Net (loss) income$(152.5)$43.6 $67.6 $(119.7)$(161.0)
Other comprehensive (loss) income1.6 4.2 2.5 (6.7)1.6 
Total comprehensive (loss) income$(150.9)$47.8 $70.1 $(126.4)$(159.4)
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)$800.6 
Cost of sales112.9 97.9 155.7 (0.1)366.4 
Gross profit97.3 92.8 244.1 — 434.2 
Selling, general and administrative expenses163.2 116.1 202.5 — 481.8 
Acquisition, integration and divestiture costs
3.2 — 0.1 — 3.3 
Restructuring charges and other, net40.7 4.3 0.5 — 45.5 
Impairment charges144.1 — — — 144.1 
Loss on divested assets0.6 — — — 0.6 
Operating (loss) income(254.5)(27.6)41.0 — (241.1)
Other (income) expenses:
Intercompany interest, net(3.0)1.1 1.9 — — 
Interest expense105.7 — 3.6 — 109.3 
Amortization of debt issuance costs10.0 — — — 10.0 
Loss on early extinguishment of debt, net(11.9)— — — (11.9)
Foreign currency losses, net0.6 2.4 15.9 — 18.9 
Miscellaneous, net0.9 (16.1)31.7 — 16.5 
Other expense (income), net102.3 (12.6)53.1 — 142.8 
Loss from operations before income taxes(356.8)(15.0)(12.1)— (383.9)
Benefit from income taxes(52.1)1.4 4.2 — (46.5)
(Loss) income from operations, net of taxes(304.7)(16.4)(16.3)— (337.4)
Equity in (loss) income of subsidiaries(29.3)(26.9)— 56.2 — 
Net (loss) income$(334.0)$(43.3)$(16.3)$56.2 $(337.4)
Other comprehensive (loss) income 11.6 14.4 2.4 (16.8)11.6 
Total comprehensive (loss) income$(322.4)$(28.9)$(13.9)$39.4 $(325.8)
Condensed Consolidating Statements of Cash Flows
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$(38.3)$(41.2)$40.2 $— $(39.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(0.6)0.2 (0.4)— (0.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (0.2)(4.6)(1.9)— (6.7)
Borrowings on term loans305.0 — — — 305.0 
Repayments on term loans(176.1)— — — (176.1)
Net (repayments) borrowings under the revolving credit facilities(36.8)— — — (36.8)
Payment of financing costs(15.8)— — — (15.8)
Tax withholdings related to net share settlements of restricted stock and RSUs(2.4)— — — (2.4)
Other financing activities
(0.2)— — — (0.2)
Net cash provided by (used in) financing activities73.5 (4.6)(1.9)— 67.0 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (18.0)47.7 (30.7)— (1.0)
Net increase (decrease) in cash, cash equivalents and restricted cash16.6 2.1 7.2 — 25.9 
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$23.1 $9.9 $95.4 $— $128.4 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(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) increase in short-term borrowings and overdraft (1.3)(6.2)0.5 — (7.0)
Net borrowings under the Amended 2016 Revolving Credit Facility(22.9)— — — (22.9)
Borrowings under the 2020 BrandCo Facilities880.0 — — — 880.0 
Repurchases of the 5.75% Senior Notes(99.6)— — — (99.6)
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)
Payments 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