PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheets

Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2022
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	7.8	$	147.7	$	93.8	$	—	$	249.3
Trade receivables, less allowances for doubtful accounts	94.1		88.9		169.7		—		352.7
Inventories, net	173.2		124.8		171.3		—		469.3
Prepaid expenses and other	283.5		12.4		174.9		(127.6)		343.2
Intercompany receivables	3,573.5		7,392.6		1,922.4		(12,888.5)		—
Investment in subsidiaries	1,848.4		895.0		618.9		(3,362.3)		—
Property, plant and equipment, net	134.4		37.3		79.9		—		251.6
Deferred income taxes	—		1.3		41.4		—		42.7
Goodwill	404.8		135.2		22.2		—		562.2
Intangible assets, net	0.1		126.9		207.1		—		334.1
Other assets	62.2		8.2		26.1		—		96.5
Total assets	$	6,582.0	$	8,970.3	$	3,527.7	$	(16,378.4)	$	2,701.6
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—	$	—	$	0.2	$	—	$	0.2
Current portion of long-term debt	746.8		—		0.1		—		746.9
Accounts payable	43.0		7.4		75.5		—		125.9
Accrued expenses and other	157.5		51.2		178.5		—		387.2
Intercompany payables	712.2		1,152.3		1,596.4		(3,460.9)		—
Long-term debt	—		—		0.1		—		0.1
Other long-term liabilities	92.5		7.8		93.6		—		193.9
Liabilities subject to compromise	6,831.7		6,023.9		454.8		(9,555.3)		3,755.1
Total liabilities	8,583.7		7,242.6		2,399.2		(13,016.2)		5,209.3
Stockholder’s (deficiency) equity	(2,001.7)		1,727.7		1,128.5		(3,362.2)		(2,507.7)
Total liabilities and stockholder’s (deficiency) equity	$	6,582.0	$	8,970.3	$	3,527.7	$	(16,378.4)	$	2,701.6

Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2021
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	4.0	$	2.1	$	96.3	$	—	$	102.4
Trade receivables, less allowances for doubtful accounts	114.6		102.4		166.8		—		383.8
Inventories, net	129.3		127.9		160.2		—		417.4
Prepaid expenses and other	222.8		5.7		68.3		—		296.8
Intercompany receivables	4,542.8		4,396.2		700.5		(9,639.5)		—
Investment in subsidiaries	1,055.5		(218.9)		—		(836.6)		—
Property, plant and equipment, net	157.6		59.9		79.8		—		297.3
Deferred income taxes	—		7.7		43.9		—		51.6
Goodwill	404.8		30.0		128.0		—		562.8
Intangible assets, net	20.3		170.3		201.6		—		392.2
Other assets	57.7		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 debt	137.1		—		0.1		—		137.2
Accounts payable	89.8		42.1		85.8		—		217.7
Accrued expenses and other	161.9		84.9		185.3		—		432.1
Intercompany payables	4,737.2		4,045.5		856.5		(9,639.2)		—
Long-term debt	3,234.1		—		71.4		—		3,305.5
Other long-term liabilities	176.8		115.7		73.6		—		366.1
Total liabilities	8,536.9		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
Year Ended December 31, 2022
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Sales	$	461.9	$	491.1	$	1,027.4	$	—	$	1,980.4
Cost of sales	222.2		225.2		388.3		—		835.7
Gross profit	239.7		265.9		639.1		—		1,144.7
Selling, general and administrative expenses	372.5		215.6		437.3		—		1,025.4
Acquisition, integration and divestiture costs	0.9		—		—		—		0.9
Restructuring charges and other, net	2.9		0.6		3.0		—		6.5
Impairment charges	18.3		1.5		4.5		—		24.3
(Gain) loss on divested assets	—		—		—		—		—
Operating (loss) income	(154.9)		48.2		194.3		—		87.6
Other (income) expense:
Intercompany interest, net	(8.8)		0.3		8.5		—		—
Interest expense	245.8		—		7.1		—		252.9
Amortization of debt issuance costs	16.8		—		4.1		—		20.9
Foreign currency losses, net	7.4		1.2		16.5		—		25.1
Miscellaneous, net	48.8		(65.5)		36.8		—		20.1
Reorganization items, net	410.6		4.6		0.8		—		416.0
Other expense (income), net	720.6		(59.4)		73.8		—		735.0
(Loss) income from operations before income taxes	(875.5)		107.6		120.5		—		(647.4)
Provision for (benefit from) for income taxes	—		7.1		24.6		—		31.7
(Loss) income from operations, net of taxes	(875.5)		100.5		95.9		—		(679.1)
Equity in income (loss) of subsidiaries	227.1		(4.3)		(13.5)		(209.3)		—
Net (loss) income	$	(648.4)	$	96.2	$	82.4	$	(209.3)	$	(679.1)
Other comprehensive (loss) income	14.8		14.6		(3.9)		(10.7)		14.8
Total comprehensive (loss) income	$	(633.6)	$	110.8	$	78.5	$	(220.0)	$	(664.3)

Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Year Ended December 31, 2021
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Sales	$	446.0	$	581.4	$	1,051.3	$	—	$	2,078.7
Cost of sales	206.7		265.0		377.4		—		849.1
Gross profit	239.3		316.4		673.9		—		1,229.6
Selling, general and administrative expenses	345.5		251.4		494.6		—		1,091.5
Acquisition, integration and divestiture costs	2.2		—		0.1		—		2.3
Restructuring charges and other, net	14.6		2.7		8.8		—		26.1
Impairment charges	—		—		—		—		—
Loss on divested assets	(1.1)		—		—		—		(1.1)
Operating (loss) income	(121.9)		62.3		170.4		—		110.8
Other (income) expenses:
Intercompany interest, net	(5.0)		2.5		2.5		—		—
Interest expense	240.2		—		7.5		—		247.7
Amortization of debt issuance costs	39.6		—		—		—		39.6
Foreign currency losses, net	(3.2)		(0.7)		14.5		—		10.6
Miscellaneous, net	88.8		4.5		(72.2)		—		21.1
Other expense (income), net	360.4		6.3		(47.7)		—		319.0
Loss from operations before income taxes	(482.3)		56.0		218.1		—		(208.2)
Provision for (benefit from) income taxes	(10.5)		12.8		0.9		—		3.2
(Loss) income from operations, net of taxes	(471.8)		43.2		217.2		—		(211.4)
Equity in (loss) income of subsidiaries	258.3		112.7		—		(371.0)		—
Net (loss) income	$	(213.5)	$	155.9	$	217.2	$	(371.0)	$	(211.4)
Other comprehensive (loss) income	43.2		14.7		2.3		(17.0)		43.2
Total comprehensive (loss) income	$	(170.3)	$	170.6	$	219.5	$	(388.0)	$	(168.2)

Condensed Consolidating Statements of Cash Flows

Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2022
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$	(456.5)	$	148.6	$	64.4	$	—	$	(243.5)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities	(5.5)		(2.1)		(6.2)		—		(13.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft	(1.2)		(0.7)		(0.4)		—		(2.3)
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 Facility	575.0								575.0
Repayments on Tranche A DIP ABL Facility	(67.2)								(67.2)
Payment of financing costs	(20.5)		—		—		—		(20.5)
Tax withholdings related to net share settlements of restricted stock and RSUs	(3.3)		—		—		—		(3.3)
Other financing activities	(0.1)		(0.1)		—		—		(0.2)
Net cash provided by (used in) financing activities	468.5		(0.8)		(75.4)		—		392.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		(0.1)		(2.7)		—		(2.8)
Net increase (decrease) in cash, cash equivalents and restricted cash	6.5		145.6		(19.9)		—		132.2
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	$	10.5	$	147.7	$	94.9	$	—	$	253.1

Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2021
	Products Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$	(36.1)	$	6.7	$	18.4	$	—	$	(11.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities	(7.2)		(1.2)		(3.7)		—		(12.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft	(5.5)		(5.8)		(2.4)		—		(13.7)
Borrowings on term loans	230.0		—		75.0		—		305.0
Repayments on Term Loans	(138.3)		—		(58.9)		—		(197.2)
Net (repayments) borrowings under the revolving credit facilities	(29.3)		—		—		—		(29.3)
Payments of financing costs	(12.6)		—		(5.3)		—		(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 activities	41.7		(5.9)		8.4		—		44.2
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		(2.7)		—		(2.7)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1.6)		(0.4)		20.4		—		18.4
Cash, cash equivalents and restricted cash at beginning of period	$	5.6	$	2.5	$	94.4	$	—	$	102.5
Cash, cash equivalents and restricted cash at end of period	$	4.0	$	2.1	$	114.8	$	—	$	120.9