Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2012

Guarantor Financial Information [Abstract]

Consolidating Condensed Balance Sheets

Condensed Consolidating Balance Sheets

As of June 30, 2012

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$		45.7	$		-	$		34.1	$		-	$		79.8
Trade receivables, less allowances for doubtful accounts			87.8			20.1			96.6			-			204.5
Inventories			77.4			12.3			43.6			-			133.3
Deferred income taxes – current			39.7			-			10.2			-			49.9
Prepaid expenses and other			94.4			4.8			25.8			-			125.0
Intercompany receivables			933.6			471.8			379.3			(1,784.7)			-
Investment in subsidiaries			(156.6)			(197.3)			-			353.9			-
Property, plant and equipment, net			85.3			0.8			12.4			-			98.5
Deferred income taxes – noncurrent			194.4			-			13.2			-			207.6
Goodwill, net			150.6			42.2			1.8			-			194.6
Other assets			68.5			23.9			32.5			-			124.9
Total assets	$		1,620.8	$		378.6	$		649.5	$		(1,430.8)	$		1,218.1
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$		-	$		5.8	$		2.7	$		-	$		8.5
Current portion of long-term debt			11.4			-			-			-			11.4
Accounts payable			59.2			5.1			30.6			-			94.9
Accrued expenses and other			133.8			13.6			74.8			-			222.2
Intercompany payables			586.0			619.0			579.7			(1,784.7)			-
Long-term debt			1,158.9			-			-			-			1,158.9
Long-term debt – affiliates			48.6			-			-			-			48.6
Other long-term liabilities			225.2			3.8			46.9			-			275.9
Total liabilities			2,223.1			647.3			734.7			(1,784.7)			1,820.4
Stockholder’s deficiency			(602.3)			(268.7)			(85.2)			353.9			(602.3)
Total liabilities and stockholder’s deficiency	$		1,620.8	$		378.6	$		649.5	$		(1,430.8)	$		1,218.1

Condensed Consolidating Balance Sheets

As of December 31, 2011

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$		57.7	$		0.1	$		43.9	$		-	$		101.7
Trade receivables, less allowances for doubtful accounts			107.1			18.2			86.7			-			212.0
Inventories			68.3			8.4			34.3			-			111.0
Deferred income taxes – current			40.0			-			9.6			-			49.6
Prepaid expenses and other			78.3			4.2			25.1			-			107.6
Intercompany receivables			907.6			445.5			362.4			(1,715.5)			-
Investment in subsidiaries			(164.2)			(193.0)			-			357.2			-
Property, plant and equipment, net			85.2			0.9			12.8			-			98.9
Deferred income taxes – noncurrent			206.9			-			14.5			-			221.4
Goodwill, net			150.6			42.2			1.9			-			194.7
Other assets			53.6			24.5			31.1			-			109.2
Total assets	$		1,591.1	$		351.0	$		622.3	$		(1,358.3)	$		1,206.1
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$		-	$		3.6	$		2.3	$		-	$		5.9
Current portion of long-term debt			8.0			-			-			-			8.0
Accounts payable			56.0			3.9			29.1			-			89.0
Accrued expenses and other			150.8			10.8			68.4			-			230.0
Intercompany payables			559.0			609.9			546.6			(1,715.5)			-
Long-term debt			1,107.0			-			-			-			1,107.0
Long-term debt – affiliates			107.0			-			-			-			107.0
Other long-term liabilities			244.9			5.3			50.6			-			300.8
Total liabilities			2,232.7			633.5			697.0			(1,715.5)			1,847.7
Stockholder’s deficiency			(641.6)			(282.5)			(74.7)			357.2			(641.6)
Total liabilities and stockholder’s deficiency	$		1,591.1	$		351.0	$		622.3	$		(1,358.3)	$		1,206.1

Consolidating Condensed Statement of Operations

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended June 30, 2012

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$		241.1	$		26.0	$		141.9	$		(51.9)	$		357.1
Cost of sales			108.6			12.2			55.5			(51.9)			124.4
Gross profit			132.5			13.8			86.4			-			232.7
Selling, general and administrative expenses			103.4			12.1			64.9			-			180.4
Operating income			29.1			1.7			21.5			-			52.3
Other expenses (income):
Intercompany interest, net			0.2			(0.2)			1.5			-			1.5
Interest expense			19.5			-			0.1			-			19.6
Amortization of debt issuance costs			0.9			-			-			-			0.9
Foreign currency (gains) losses, net			(0.4)			(0.1)			0.9			-			0.4
Miscellaneous, net			(20.8)			(5.2)			26.1			-			0.1
Other expenses (income), net			(0.6)			(5.5)			28.6			-			22.5
Income (loss) from continuing operations before income taxes			29.7			7.2			(7.1)			-			29.8
Provision for (benefit from) income taxes			7.7			2.3			(0.3)			-			9.7
Income (loss) from continuing operations			22.0			4.9			(6.8)			-			20.1
Income from discontinued operations, net of taxes			0.4			-			-			-			0.4
Equity in (loss) income of subsidiaries			(1.9)			(1.0)			-			2.9			-
Net income (loss)	$		20.5	$		3.9	$		(6.8)	$		2.9	$		20.5
Other comprehensive income (loss)			2.9			(4.6)			(6.4)			11.0			2.9
Total comprehensive income (loss)	$		23.4	$		(0.7)	$		(13.2)	$		13.9	$		23.4

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended June 30, 2011

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$		227.8	$		25.8	$		144.2	$		(46.6)	$		351.2
Cost of sales			102.3			11.8			54.4			(46.6)			121.9
Gross profit			125.5			14.0			89.8			-			229.3
Selling, general and administrative expenses			100.1			10.6			68.6			-			179.3
Operating income			25.4			3.4			21.2			-			50.0
Other expenses (income):
Intercompany interest, net			(0.1)			(0.2)			1.9			-			1.6
Interest expense			21.6			-			0.1			-			21.7
Amortization of debt issuance costs			1.0			-			-			-			1.0
Loss on early extinguishment of debt, net			11.3			-			-			-			11.3
Foreign currency (gains) losses, net			(1.5)			0.1			4.4			-			3.0
Miscellaneous, net			(25.3)			11.8			13.8			-			0.3
Other expenses, net			7.0			11.7			20.2			-			38.9
Income (loss) from continuing operations before income taxes			18.4			(8.3)			1.0			-			11.1
Provision for income taxes			1.3			1.0			1.6			-			3.9
Income (loss) from continuing operations			17.1			(9.3)			(0.6)			-			7.2
Income from discontinued operations, net of taxes			0.6			-			-			-			0.6
Equity in (loss) income of subsidiaries			(9.9)			(3.2)			-			13.1			-
Net income (loss)	$		7.8	$		(12.5)	$		(0.6)	$		13.1	$		7.8
Other comprehensive income (loss)			2.0			(2.4)			(2.5)			4.9			2.0
Total comprehensive income (loss)	$		9.8	$		(14.9)	$		(3.1)	$		18.0	$		9.8

Condensed Consolidating Statement of Income and Comprehensive Income

For the Six Months Ended June 30, 2012

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$		459.6	$		49.0	$		276.2	$		(97.0)	$		687.8
Cost of sales			207.6			22.5			107.0			(97.0)			240.1
Gross profit			252.0			26.5			169.2			-			447.7
Selling, general and administrative expenses			203.1			22.0			124.6			-			349.7
Operating income			48.9			4.5			44.6			-			98.0
Other expenses (income):
Intercompany interest, net			0.5			(0.4)			3.0			-			3.1
Interest expense			39.3			0.1			0.2			-			39.6
Amortization of debt issuance costs			1.7			-			-			-			1.7
Foreign currency losses, net			0.1			0.2			1.8			-			2.1
Miscellaneous, net			(33.1)			(6.2)			39.6			-			0.3
Other expenses (income), net			8.5			(6.3)			44.6			-			46.8
Income from continuing operations before income taxes			40.4			10.8			-			-			51.2
Provision for income taxes			15.5			2.8			2.8			-			21.1
Income (loss) from continuing operations			24.9			8.0			(2.8)			-			30.1
Income from discontinued operations, net of taxes			0.4			-			-			-			0.4
Equity in income (loss) of subsidiaries			5.2			(0.5)			-			(4.7)			-
Net income (loss)	$		30.5	$		7.5	$		(2.8)	$		(4.7)	$		30.5
Other comprehensive income (loss)			7.9			5.5			5.3			(10.8)			7.9
Total comprehensive income (loss)	$		38.4	$		13.0	$		2.5	$		(15.5)	$		38.4

Condensed Consolidating Statement of Income and Comprehensive Income

For the Six Months Ended June 30, 2011

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$		447.0	$		43.7	$		280.7	$		(87.0)	$		684.4
Cost of sales			196.7			19.9			105.6			(87.0)			235.2
Gross profit			250.3			23.8			175.1			-			449.2
Selling, general and administrative expenses			203.9			19.6			128.9			-			352.4
Operating income			46.4			4.2			46.2			-			96.8
Other expenses (income):
Intercompany interest, net			(0.1)			(0.5)			3.7			-			3.1
Interest expense			44.0			0.1			0.2			-			44.3
Amortization of debt issuance costs			2.1			-			-			-			2.1
Loss on early extinguishment of debt, net			11.3			-			-			-			11.3
Foreign currency (gains) losses, net			(1.2)			0.4			4.1			-			3.3
Miscellaneous, net			(34.6)			7.2			28.4			-			1.0
Other expenses, net			21.5			7.2			36.4			-			65.1
Income (loss) from continuing operations before income taxes			24.9			(3.0)			9.8			-			31.7
Provision for income taxes			4.1			2.4			6.0			-			12.5
Income (loss) from continuing operations			20.8			(5.4)			3.8			-			19.2
Income from discontinued operations, net of taxes			0.6			-			-			-			0.6
Equity in (loss) income of subsidiaries			(1.6)			(1.1)			-			2.7			-
Net income (loss)	$		19.8	$		(6.5)	$		3.8	$		2.7	$		19.8
Other comprehensive income (loss)			2.0			0.2			(0.6)			0.4			2.0
Total comprehensive income (loss)	$		21.8	$		(6.3)	$		3.2	$		3.1	$		21.8

Consolidating Condensed Statement of Cash Flow

Condensed Consolidating Statement of Cash Flow

For the Six Months Ended June 30, 2012

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$		(10.0)	$		(2.3)	$		(9.4)	$		-	$		(21.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(7.8)			(0.2)			(0.9)			-			(8.9)
Proceeds from the sale of certain assets			-			-			0.1			-			0.1
Net cash used in investing activities			(7.8)			(0.2)			(0.8)			-			(8.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in short-term borrowings and overdraft			9.9			2.4			0.5			-			12.8
Repayments under the 2011 Term Loan Facility			(4.0)			-			-			-			(4.0)
Payment of financing costs			(0.1)			-			-			-			(0.1)
Other financing activities			-			-			(0.2)			-			(0.2)
Net cash provided by financing activities			5.8			2.4			0.3			-			8.5
Effect of exchange rate changes on cash and cash equivalents			-			-			0.1			-			0.1
Net decrease in cash and cash equivalents			(12.0)			(0.1)			(9.8)			-			(21.9)
Cash and cash equivalents at beginning of period			57.7			0.1			43.9			-			101.7
Cash and cash equivalents at end of period	$		45.7	$		-	$		34.1	$		-	$		79.8

Condensed Consolidating Statement of Cash Flow

For the Six Months Ended June 30, 2011

		Products Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$		(21.2)	$		35.8	$		(11.3)	$		-	$		3.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(4.8)			(0.1)			(1.0)			-			(5.9)
Acquisition			-			(39.0)			-						(39.0)
Proceeds from sales of certain assets			0.1			-			-			-			0.1
Net cash used in investing activities			(4.7)			(39.1)			(1.0)			-			(44.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft			(1.7)			4.1			1.2			-			3.6
Borrowings under the 2011 Revolving Credit Facility			10.0			-			-						10.0
Repayments under the 2010 Term Loan Facility			(794.0)			-			-			-			(794.0)
Borrowings under the 2011 Term Loan Facility			796.0			-			-			-			796.0
Payment of financing costs			(3.9)			-			-			-			(3.9)
Other financing activities			(0.3)			-			(0.4)			-			(0.7)
Net cash provided by financing activities			6.1			4.1			0.8			-			11.0
Effect of exchange rate changes on cash and cash equivalents			-			-			(1.3)			-			(1.3)
Net (decrease) increase in cash and cash equivalents			(19.8)			0.8			(12.8)			-			(31.8)
Cash and cash equivalents at beginning of period			20.5			0.1			56.1			-			76.7
Cash and cash equivalents at end of period	$		0.7	$		0.9	$		43.3	$		-	$		44.9