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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$5.6 $3.2 $64.5 $— $73.3 
Trade receivables, less allowances for doubtful accounts88.0 119.3 184.0 — 391.3 
Inventories, net121.5 154.8 185.2 — 461.5 
Prepaid expenses and other215.4 26.2 63.8 — 305.4 
Intercompany receivables4,098.4 4,011.3 726.7 (8,836.4)— 
Investment in subsidiaries1,231.7 (206.0)— (1,025.7)— 
Property, plant and equipment, net159.8 62.8 83.3 — 305.9 
Deferred income taxes— 12.2 20.2 — 32.4 
Goodwill404.9 30.0 128.2 — 563.1 
Intangible assets, net9.4 174.6 217.5 — 401.5 
Other assets60.5 8.4 26.3 — 95.2 
      Total assets$6,395.2 $4,396.8 $1,699.7 $(9,862.1)$2,629.6 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $0.6 $— $0.6 
Current portion of long-term debt163.7 — 0.1 — 163.8 
Accounts payable95.1 55.3 95.2 — 245.6 
Accrued expenses and other149.4 75.3 179.0 — 403.7 
Intercompany payables4,390.2 3,552.4 893.6 (8,836.2)— 
Long-term debt3,229.5 — 72.8 — 3,302.3 
Other long-term liabilities272.5 109.5 32.3 — 414.3 
      Total liabilities8,300.4 3,792.5 1,273.6 (8,836.2)4,530.3 
Stockholder’s (deficiency) equity(1,905.2)604.3 426.1 (1,025.9)(1,900.7)
Total liabilities and stockholder’s (deficiency) equity$6,395.2 $4,396.8 $1,699.7 $(9,862.1)$2,629.6 
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 September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$103.1 $162.2 $255.8 $— $521.1 
Cost of sales56.7 72.4 92.1 — 221.2 
Gross profit46.4 89.8 163.7 — 299.9 
Selling, general and administrative expenses74.0 65.9 114.6 — 254.5 
Acquisition and integration costs0.6 — — — 0.6 
Restructuring charges and other, net6.7 0.3 2.0 — 9.0 
Impairment charges— — — — — 
Loss (gain) on divested assets0.1 — — — 0.1 
Operating (loss) income(35.0)23.6 47.1 — 35.7 
Other (income) expense:
Intercompany interest, net(3.1)0.7 2.4 — — 
Interest expense58.7 — 4.4 — 63.1 
Amortization of debt issuance costs8.7 — — — 8.7 
Gain on early extinguishment of debt— — — — — 
Foreign currency losses (gains), net— 0.6 9.3 — 9.9 
Miscellaneous, net194.4 (115.1)(79.2)— 0.1 
Other expense (income), net258.7 (113.8)(63.1)— 81.8 
(Loss) income from continuing operations before income taxes(293.7)137.4 110.2 — (46.1)
(Benefit from) provision for income taxes— 3.2 2.3 — 5.5 
(Loss) income from continuing operations, net of taxes(293.7)134.2 107.9 — (51.6)
Equity in income (loss) of subsidiaries243.9 92.5 — (336.4)— 
Net (loss) income$(49.8)$226.7 $107.9 $(336.4)$(51.6)
Other comprehensive income (loss)2.9 3.9 (2.5)(1.4)2.9 
Total comprehensive (loss) income$(46.9)$230.6 $105.4 $(337.8)$(48.7)
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 $477.1 
Cost of sales45.6 92.6 96.0 0.1 234.3 
Gross profit50.1 56.3 136.4 — 242.8 
Selling, general and administrative expenses84.4 47.7 119.3 — 251.4 
Acquisition and integration costs0.8 — 0.1 — 0.9 
Restructuring charges and other, net(8.4)2.7 5.0 — (0.7)
 Impairment charges(23.4)22.0 1.4 — — 
 Gain on divested assets(1.1)— — — (1.1)
Operating (loss) income(2.2)(16.1)10.6 — (7.7)
Other (income) expense:
Intercompany interest, net(0.5)0.7 (0.2)— — 
Interest expense67.3 — 1.4 — 68.7 
Amortization of debt issuance costs7.8 — — — 7.8 
Gain on early extinguishment of debt, net(31.2)— — — (31.2)
Foreign currency losses (gains), net1.0 (0.7)(10.1)— (9.8)
Miscellaneous, net(1.8)(55.4)54.6 — (2.6)
Other expense (income), net42.6 (55.4)45.7 — 32.9 
(Loss) income from continuing operations before income taxes(44.8)39.3 (35.1)— (40.6)
(Benefit from) provision for income taxes(6.3)17.8 (9.2)— 2.3 
Loss (income) from continuing operations, net of taxes(38.5)21.5 (25.9)— (42.9)
Equity in income (loss) of subsidiaries30.0 (10.0)— (20.0)— 
Net (loss) income$(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
Nine Months Ended September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$311.6 $411.6 $740.3 $— $1,463.5 
Cost of sales155.4 182.8 270.5 — 608.7 
Gross profit156.2 228.8 469.8 — 854.8 
Selling, general and administrative expenses262.8 178.9 350.0 — 791.7 
Acquisition, integration and divestiture costs
1.7 — 0.1 — 1.8 
Restructuring charges and other, net13.5 2.5 6.8 — 22.8 
(Gain) loss on divested assets(1.7)— — — (1.7)
Operating (loss) income(120.1)47.4 112.9 — 40.2 
Other (income) expense:
Intercompany interest, net(3.9)1.9 2.0 — — 
Interest expense178.4 — 5.5 — 183.9 
Amortization of debt issuance costs30.7 — — — 30.7 
Foreign currency losses, net(0.2)(0.3)12.0 — 11.5 
Miscellaneous, net231.1 (126.9)(101.4)— 2.8 
Other expense (income), net436.1 (125.3)(81.9)— 228.9 
(Loss) income from operations before income taxes(556.2)172.7 194.8 — (188.7)
Provision for (benefit from) for income taxes— 4.6 19.3 — 23.9 
(Loss) income from operations, net of taxes(556.2)168.1 175.5 — (212.6)
Equity in income (loss) of subsidiaries353.9 102.2 — (456.1)— 
Net (loss) income$(202.3)$270.3 $175.5 $(456.1)$(212.6)
Other comprehensive (loss) income4.5 8.1 — (8.1)4.5 
Total comprehensive (loss) income$(197.8)$278.4 $175.5 $(464.2)$(208.1)
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 $— $1,277.7 
Cost of sales158.5 190.5 251.7 — 600.7 
Gross profit147.4 149.1 380.5 — 677.0 
Selling, general and administrative expenses247.6 163.8 321.8 — 733.2 
Acquisition, integration and divestiture costs
4.0 — 0.2 — 4.2 
Restructuring charges and other, net32.3 7.0 5.5 — 44.8 
Impairment charges120.7 22.0 1.4 — 144.1 
Loss on divested assets(0.5)— — — (0.5)
Operating (loss) income(256.7)(43.7)51.6 — (248.8)
Other (income) expenses:
Intercompany interest, net(3.5)1.8 1.7 — — 
Interest expense173.0 — 5.0 — 178.0 
Amortization of debt issuance costs17.8 — — — 17.8 
Gain on early extinguishment of debt, net(43.1)— — — (43.1)
Foreign currency losses, net1.6 1.7 5.8 — 9.1 
Miscellaneous, net(0.9)(71.5)86.3 — 13.9 
Other expense (income), net144.9 (68.0)98.8 — 175.7 
Loss from operations before income taxes(401.6)24.3 (47.2)— (424.5)
Benefit from income taxes(58.4)19.2 (5.0)— (44.2)
(Loss) income from operations, net of taxes(343.2)5.1 (42.2)— (380.3)
Equity in (loss) income of subsidiaries0.7 (36.9)— 36.2 — 
Net (loss) income$(342.5)$(31.8)$(42.2)$36.2 $(380.3)
Other comprehensive (loss) income 16.6 7.3 4.0 (11.3)16.6 
Total comprehensive (loss) income$(325.9)$(24.5)$(38.2)$24.9 $(363.7)
Condensed Consolidating Statements of Cash Flows
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$(418.6)$57.7 $274.2 $— $(86.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(1.9)(0.8)(1.5)— (4.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (4.5)(5.6)(2.4)— (12.5)
Borrowings on term loans305.0 — — — 305.0 
Repayments on term loans(186.7)— — — (186.7)
Net (repayments) borrowings under the revolving credit facilities(2.7)— — — (2.7)
Payment of financing costs(17.9)— — — (17.9)
Tax withholdings related to net share settlements of restricted stock and RSUs(2.4)— — — (2.4)
Other financing activities
(0.2)(0.1)— — (0.3)
Net cash provided by (used in) financing activities90.6 (5.7)(2.4)— 82.5 
Effect of exchange rate changes on cash, cash equivalents and restricted cash 349.5 (57.8)(294.1)— (2.4)
Net increase (decrease) in cash, cash equivalents and restricted cash19.6 (6.6)(23.8)— (10.8)
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$26.1 $1.2 $64.4 $— $91.7 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2020
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(260.0)$6.6 $(3.5)$— $(256.9)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by 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 on term loans880.0 — — — 880.0 
Repayments on Term Loans(354.7)— — — (354.7)
Net (repayments) borrowings under the revolving credit facilities19.5 — — — 19.5 
Payments 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