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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of June 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$15.6 $217.6 $79.3 $— $312.5 
Trade receivables, less allowances for doubtful accounts65.5 67.3 152.5 — 285.3 
Inventories, net142.4 134.2 183.1 — 459.7 
Prepaid expenses and other241.2 27.8 47.2 — 316.2 
Intercompany receivables3,111.9 4,937.1 694.3 (8,743.3)— 
Investment in subsidiaries1,216.0 (166.9)— (1,049.1)— 
Property, plant and equipment, net145.3 44.3 77.4 — 267.0 
Deferred income taxes— 2.7 48.8 — 51.5 
Goodwill404.8 35.2 121.9 — 561.9 
Intangible assets, net1.1 160.3 185.3 — 346.7 
Other assets60.5 9.4 153.3 (128.1)95.1 
      Total assets$5,404.3 $5,469.0 $1,743.1 $(9,920.5)$2,695.9 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $2.3 $— $2.3 
Current portion of long-term debt592.9 — 0.1 — 593.0 
Accounts payable1.7 0.2 78.7 — 80.6 
Accrued expenses and other104.8 20.6 168.7 — 294.1 
Intercompany payables354.0 855.7 387.4 (1,597.1)— 
Long-term debt— — — — — 
Other long-term liabilities123.2 80.0 24.3 — 227.5 
Liabilities subject to compromise6,439.0 3,983.1 531.7 (7,268.1)3,685.7 
      Total liabilities7,615.6 4,939.6 1,193.2 (8,865.2)4,883.2 
Stockholder’s (deficiency) equity(2,211.3)529.4 549.9 (1,055.3)(2,187.3)
Total liabilities and stockholder’s (deficiency) equity$5,404.3 $5,469.0 $1,743.1 $(9,920.5)$2,695.9 
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$4.0 $2.1 $96.3 $— $102.4 
Trade receivables, less allowances for doubtful accounts114.6 102.4 166.8 — 383.8 
Inventories, net129.3 127.9 160.2 — 417.4 
Prepaid expenses and other222.8 5.7 68.3 — 296.8 
Intercompany receivables4,542.8 4,396.2 700.5 (9,639.5)— 
Investment in subsidiaries1,055.5 (218.9)— (836.6)— 
Property, plant and equipment, net157.6 59.9 79.8 — 297.3 
Deferred income taxes— 7.7 43.9 — 51.6 
Goodwill404.8 30.0 128.0 — 562.8 
Intangible assets, net20.3 170.3 201.6 — 392.2 
Other assets57.7 12.2 27.9 — 97.8 
      Total assets$6,709.4 $4,695.5 $1,673.3 $(10,476.1)$2,602.1 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $0.7 $— $0.7 
Current portion of long-term debt137.1 — 0.1 — 137.2 
Accounts payable89.8 42.1 85.8 — 217.7 
Accrued expenses and other161.9 84.9 185.3 — 432.1 
Intercompany payables4,737.2 4,045.5 856.5 (9,639.2)— 
Long-term debt3,234.1 — 71.4 — 3,305.5 
Other long-term liabilities176.8 115.7 73.6 — 366.1 
      Total liabilities8,536.9 4,288.2 1,273.4 (9,639.2)4,459.3 
Stockholder’s (deficiency) equity(1,827.5)407.3 399.9 (836.9)(1,857.2)
Total liabilities and stockholder’s (deficiency) equity$6,709.4 $4,695.5 $1,673.3 $(10,476.1)$2,602.1 
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, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$111.7 $93.9 $237.0 $— $442.6 
Cost of sales56.3 44.2 90.9 — 191.4 
Gross profit55.4 49.7 146.1 — 251.2 
Selling, general and administrative expenses94.2 52.5 104.3 — 251.0 
Acquisition and integration costs0.2 — 0.1 — 0.3 
Restructuring charges and other, net2.4 0.1 0.6 — 3.1 
Impairment charges18.3 1.5 4.5 — 24.3 
(Gain) loss on divested assets— — — — — 
Operating (loss) income(59.7)(4.4)36.6 — (27.5)
Other (income) expense:
Intercompany interest, net(1.3)0.4 0.9 — — 
Interest expense, net53.6 — 3.9 — 57.5 
Amortization of debt issuance costs11.8 — — — 11.8 
Foreign currency losses (gains), net1.4 0.2 12.6 — 14.2 
Miscellaneous, net27.5 63.5 (86.2)— 4.8 
Reorganization items, net154.0 4.3 — — 158.3 
Other expense (income), net247.0 68.4 (68.8)— 246.6 
(Loss) income from continuing operations before income taxes(306.7)(72.8)105.4 — (274.1)
(Benefit from) provision for income taxes— (0.9)0.5 — (0.4)
(Loss) income from continuing operations, net of taxes(306.7)(71.9)104.9 — (273.7)
Equity in income (loss) of subsidiaries106.9 (7.5)— (99.4)— 
Net (loss) income$(199.8)$(79.4)$104.9 $(99.4)$(273.7)
Other comprehensive income (loss)(0.3)10.0 (1.9)(8.0)(0.2)
Total comprehensive (loss) income$(200.1)$(69.4)$103.0 $(107.4)$(273.9)
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 $— $497.4 
Cost of sales51.1 54.4 90.8 — 196.3 
Gross profit61.3 76.8 163.0 — 301.1 
Selling, general and administrative expenses90.6 60.6 126.5 — 277.7 
Acquisition and integration costs0.6 — — — 0.6 
Restructuring charges and other, net5.6 0.7 2.1 — 8.4 
 Impairment charges— — — — — 
 Gain on divested assets(1.8)— — — (1.8)
Operating (loss) income(33.7)15.5 34.4 — 16.2 
Other (income) expense:
Intercompany interest, net(0.5)0.6 (0.1)— — 
Interest expense61.9 — — — 61.9 
Amortization of debt issuance costs13.3 — — — 13.3 
Foreign currency losses (gains), net0.4 0.8 (2.9)— (1.7)
Miscellaneous, net22.2 (14.5)(6.2)— 1.5 
Other expense (income), net97.3 (13.1)(9.2)— 75.0 
(Loss) income from continuing operations before income taxes(131.0)28.6 43.6 — (58.8)
(Benefit from) provision for income taxes(0.7)1.5 6.5 — 7.3 
Loss (income) from continuing operations, net of taxes(130.3)27.1 37.1 — (66.1)
Equity in income (loss) of subsidiaries66.7 3.7 — (70.4)— 
Net (loss) income$(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
Six Months Ended June 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$224.3 $216.2 $481.7 $— $922.2 
Cost of sales111.6 98.0 178.7 — 388.3 
Gross profit112.7 118.2 303.0 — 533.9 
Selling, general and administrative expenses193.8 102.4 209.6 — 505.8 
Acquisition, integration and divestiture costs
0.4 — 0.1 — 0.5 
Restructuring charges and other, net4.0 0.2 0.8 — 5.0 
Impairment charges18.3 1.5 4.5 — 24.3 
(Gain) loss on divested assets— — — — — 
Operating (loss) income(103.8)14.1 88.0 — (1.7)
Other (income) expense:
Intercompany interest, net(2.7)1.0 1.7 — — 
Interest expense113.8 — 5.8 — 119.6 
Amortization of debt issuance costs20.9 — — — 20.9 
Foreign currency losses, net9.6 0.3 12.1 — 22.0 
Miscellaneous, net41.7 (23.3)(8.3)— 10.1 
Reorganization items, net154.0 4.3 — — 158.3 
Other expense (income), net337.3 (17.7)11.3 — 330.9 
(Loss) income from operations before income taxes(441.1)31.8 76.7 — (332.6)
Provision for (benefit from) for income taxes— 4.9 4.4 — 9.3 
(Loss) income from operations, net of taxes(441.1)26.9 72.3 — (341.9)
Equity in income (loss) of subsidiaries106.9 (7.5)— (99.4)— 
Net (loss) income$(334.2)$19.4 $72.3 $(99.4)$(341.9)
Other comprehensive (loss) income3.7 20.9 1.7 (22.6)3.7 
Total comprehensive (loss) income$(330.5)$40.3 $74.0 $(122.0)$(338.2)
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 $— $942.4 
Cost of sales98.7 110.4 178.4 — 387.5 
Gross profit109.8 139.0 306.1 — 554.9 
Selling, general and administrative expenses188.8 113.0 235.4 — 537.2 
Acquisition, integration and divestiture costs
1.1 — 0.1 — 1.2 
Restructuring charges and other, net6.8 2.2 4.8 — 13.8 
Impairment charges— — — — — 
Loss on divested assets(1.8)— — — (1.8)
Operating (loss) income(85.1)23.8 65.8 — 4.5 
Other (income) expenses:
Intercompany interest, net(0.8)1.2 (0.4)— — 
Interest expense119.7 — 1.1 — 120.8 
Amortization of debt issuance costs22.0 — — — 22.0 
Foreign currency losses, net(0.2)(0.9)2.7 — 1.6 
Miscellaneous, net36.7 (11.8)(22.2)— 2.7 
Other expense (income), net177.4 (11.5)(18.8)— 147.1 
Loss from operations before income taxes(262.5)35.3 84.6 — (142.6)
Provision for (benefit from) income taxes— 1.4 17.0 — 18.4 
(Loss) income from operations, net of taxes(262.5)33.9 67.6 — (161.0)
Equity in (loss) income of subsidiaries110.0 9.7 — (119.7)— 
Net (loss) income$(152.5)$43.6 $67.6 $(119.7)$(161.0)
Other comprehensive (loss) income 1.6 4.2 2.5 (6.7)1.6 
Total comprehensive (loss) income$(150.9)$47.8 $70.1 $(126.4)$(159.4)
Condensed Consolidating Statements of Cash Flows
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(331.0)$178.3 $108.2 $— $(44.5)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(2.5)(0.4)(1.6)— (4.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (1.1)(0.8)1.6 — (0.3)
Borrowings on term loans— — — — — 
Repayments on term loans(13.6)— (75.0)— (88.6)
Net (repayments) borrowings under the revolving credit facilities(0.6)— — — (0.6)
Borrowings on DIP Term Loan Facility375.0 375.0 
Repayments on Tranche A DIP ABL Facility(21.2)(21.2)
Payment of financing costs(16.8)— — — (16.8)
Tax withholdings related to net share settlements of restricted stock and RSUs(3.3)— — — (3.3)
Other financing activities
— — — — — 
Net cash provided by (used in) financing activities318.4 (0.8)(73.4)— 244.2 
Effect of exchange rate changes on cash, cash equivalents and restricted cash 26.6 38.4 (67.6)— (2.6)
Net increase (decrease) in cash, cash equivalents and restricted cash11.5 215.5 (34.4)— 192.6 
Cash, cash equivalents and restricted cash at beginning of period$4.0 $2.1 $114.8 $— $120.9 
Cash, cash equivalents and restricted cash at end of period$15.5 $217.6 $80.4 $— $313.5 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(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)
Borrowings on DIP Term Loan Facility— — — — — 
Repayments on Tranche A DIP ABL Facility— — — — — 
Payments 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