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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net sales $ 1,426.1 $ 1,381.4 $ 1,321.4
Cost of sales 506.5 492.6 455.3
Gross profit 919.6 888.8 866.1
Selling, general and administrative expenses 710.2 685.5 666.6
Restructuring charges 20.7    (0.3)
Operating income 188.7 203.3 199.8
Other expenses, net:      
Interest expense 79.1 84.9 90.5
Interest expense - preferred stock dividends 6.5 6.4 6.4
Amortization of debt issuance costs 5.3 5.3 5.9
Loss on early extinguishment of debt, net    11.2 9.7
Foreign currency losses, net 2.7 4.4 6.3
Miscellaneous, net 0.7 1.5 1.2
Other expenses, net 94.3 113.7 120.0
Income from continuing operations before income taxes 94.4 89.6 79.8
Provision for (benefit from) income taxes 43.7 36.8 (247.2)
Income from continuing operations, net of taxes 50.7 [1] 52.8 [2] 327.0 [3]
Income from discontinued operations, net of taxes 0.4 [1] 0.6 [2] 0.3 [3]
Net income 51.1 [1] 53.4 [2] 327.3 [3]
Other comprehensive (loss) income:      
Currency translation adjustment, net of tax (1.5) [4] (8.3) [4] 7.4 [4]
Amortization of pension related costs, net of tax 9.4 [5],[6],[7] 3.6 [5],[7] 5.4 [5],[7]
Pension re-measurement, net of tax (15.4) [8] (45.9) [8] (8.4) [8]
Curtailment gain 0.2 [9]    1.5 [10]
Revaluation of derivative financial instruments       1.7 [11]
Other comprehensive (loss) income (7.3) [12] (50.6) [12] 7.6 [12]
Total comprehensive income $ 43.8 $ 2.8 $ 334.9
Basic income per common share:      
Continuing operations $ 0.97 [1] $ 1.01 [2] $ 6.30 [3]
Discontinued operations $ 0.01 [1] $ 0.01 [2] $ 0.01 [3]
Net income $ 0.98 [1] $ 1.02 [2] $ 6.31 [3]
Diluted income per common share:      
Continuing operations $ 0.97 [1] $ 1.01 [2] $ 6.25 [3]
Discontinued operations $ 0.01 [1] $ 0.01 [2] $ 0.01 [3]
Net income $ 0.98 [1] $ 1.02 [2] $ 6.26 [3]
Weighted average number of common shares outstanding:      
Basic 52,348,636 [1] 52,173,906 [2] 51,892,824 [3]
Diluted 52,356,882 [1] 52,331,807 [2] 52,302,636 [3]
[1] Basic and diluted earnings per share for the year ended December 31, 2012 were unfavorably impacted by $24.1 million in restructuring and related charges recorded as a result of the September 2012 Program and a $8.9 million loss contingency recognized related to litigation associated with the Company's 2009 Exchange Offer, offset in part by a non-cash benefit of $15.8 million related to the reduction of the Company's deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions in the U.S. at December 31, 2012, as a result of the Company's improved earnings trends and cumulative taxable income in those jurisdictions, which is reflected in the provision for income taxes (See Note 13, "Income Taxes").
[2] Basic and diluted earnings per share for the year ended December 31, 2011 were favorably impacted by an increase in net income driven by a non-cash benefit of $16.9 million related to the reduction of the Company's deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions outside the U.S. at December 31, 2011 as a result of the Company's improved earnings trends and cumulative taxable income in those jurisdictions (See Note 13, "Income Taxes").
[3] Basic and diluted earnings per share for the year ended December 31, 2010 were favorably impacted by an increase in net income driven by a non-cash benefit of $260.6 million related to the Company's net U.S. deferred tax assets at December 31, 2010, recognized through a reduction in the Company's deferred tax valuation allowances as a result of the Company achieving three cumulative years, as well as three consecutive years, of positive U.S. GAAP pre-tax income and taxable income in the U.S., and based upon the Company's then-current expectations for realization of such deferred tax benefits in the U.S. (See Note 13, "Income Taxes").
[4] Net of tax of $1.0 million, $1.8 million and nil for the years ended December 31, 2012, 2011 and 2010, respectively.
[5] Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company's pension and other post-retirement plans. (See Note 15, "Savings Plan, Pension and Post-retirement Benefits").
[6] Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses.
[7] Net of tax of $(1.0) million, $(2.0) million and nil for the years ended December 31, 2012, 2011 and 2010, respectively.
[8] Net of tax of $7.2 million, $30.1 million and nil for the years ended December 31, 2012, 2011 and 2010, respectively.
[9] As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for the year ended December 31, 2012. (See Note 15, "Savings Plan, Pension and Post-retirement Benefits").
[10] The Company recognized a $1.5 million curtailment gain in 2010, primarily in connection with the amendments to its Canadian defined benefit pension plan in 2010, which reduced pension liability and was recorded as an offset against the net actuarial losses previously reported within Accumulated Other Comprehensive Loss. (See Note 15, "Savings Plan, Pension and Post-retirement Benefits").
[11] Amounts related to "Deferred Loss - Hedging" in 2010 represent (1) the reclassification of an unrecognized loss of $0.8 million on the 2008 Interest Rate Swap prior to its expiration in April 2010 from Accumulated Other Comprehensive Loss into earnings due to the discontinuance of hedge accounting as a result of the 2010 refinancing of the 2006 bank term loan facility (see Note 12, "Financial Instruments") and (2) the reversal of amounts recorded in Accumulated Other Comprehensive Loss pertaining to the net settlement payment of $0.9 million on the 2008 Interest Rate Swap.
[12] See Note 18, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of accumulated other comprehensive loss during the years ended December 31, 2012, 2011 and 2010.