XML 51 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
GUARANTOR FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheets
As of June 30, 2016
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
61.9

 
$
71.4

 
$
52.5

 
$
—

 
$
185.8

Trade receivables, less allowances for doubtful accounts
93.9

 
45.3

 
129.2

 
—

 
268.4

Inventories
92.5

 
38.0

 
79.1

 
—

 
209.6

Prepaid expenses and other
154.6

 
6.8

 
40.1

 
—

 
201.5

Intercompany receivables
778.9

 
451.2

 
79.2

 
(1,309.3
)
 
—

Investment in subsidiaries
576.4

 
(6.2
)
 
—

 
(570.2
)
 
—

Property, plant and equipment, net
127.4

 
26.7

 
62.7

 
—

 
216.8

Deferred income taxes
7.2

 
—

 
34.5

 
—

 
41.7

Goodwill
182.4

 
30.0

 
264.3

 
—

 
476.7

Intangible assets, net
53.8

 
152.8

 
122.3

 
—

 
328.9

Other assets
50.6

 
13.4

 
25.4

 
—

 
89.4

      Total assets
$
2,179.6

 
$
829.4

 
$
889.3

 
$
(1,879.5
)
 
$
2,018.8

LIABILITIES AND STOCKHOLDER’S DEFICIENCY
 
 
 
 
 
 
Short-term borrowings
$
—

 
$
—

 
$
14.1

 
$
—

 
$
14.1

Current portion of long-term debt
6.7

 
—

 
0.1

 
—

 
6.8

Accounts payable
74.2

 
28.7

 
84.7

 
—

 
187.6

Accrued expenses and other
134.4

 
16.5

 
82.3

 
—

 
233.2

Intercompany payables
427.6

 
461.3

 
420.4

 
(1,309.3
)
 
—

Long-term debt
1,783.1

 
—

 
0.5

 
—

 
1,783.6

Other long-term liabilities
211.1

 
5.9

 
34.0

 
—

 
251.0

      Total liabilities
2,637.1

 
512.4

 
636.1

 
(1,309.3
)
 
2,476.3

Stockholder’s deficiency
(457.5
)
 
317.0

 
253.2

 
(570.2
)
 
(457.5
)
Total liabilities and stockholder’s deficiency
$
2,179.6

 
$
829.4

 
$
889.3

 
$
(1,879.5
)
 
$
2,018.8







Condensed Consolidating Balance Sheets
As of December 31, 2015
(as adjusted)
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
141.5

 
$
93.0

 
$
92.4

 
$
—

 
$
326.9

Trade receivables, less allowances for doubtful accounts
79.7

 
44.5

 
120.7

 
—

 
244.9

Inventories
88.1

 
34.5

 
61.2

 
—

 
183.8

Prepaid expenses and other
136.9

 
3.3

 
30.5

 
—

 
170.7

Intercompany receivables
692.1

 
366.5

 
95.2

 
(1,153.8
)
 
—

Investment in subsidiaries
591.0

 
16.3

 
—

 
(607.3
)
 
—

Property, plant and equipment, net
124.8

 
28.1

 
62.4

 
—

 
215.3

Deferred income taxes
5.8

 
—

 
44.0

 
—

 
49.8

Goodwill
182.4

 
30.0

 
257.3

 
—

 
469.7

Intangible assets, net
56.6

 
156.7

 
104.7

 
—

 
318.0

Other assets
49.4

 
9.6

 
25.1

 
—

 
84.1

      Total assets
$
2,148.3

 
$
782.5

 
$
893.5

 
$
(1,761.1
)
 
$
2,063.2

LIABILITIES AND STOCKHOLDER’S DEFICIENCY
 
 
 
 
 
 
Short-term borrowings
$
—

 
$
—

 
$
11.3

 
$
—

 
$
11.3

Current portion of long-term debt
29.9

 
—

 
0.1

 
—

 
30.0

Accounts payable
85.3

 
29.2

 
86.8

 
—

 
201.3

Accrued expenses and other
175.1

 
18.9

 
78.4

 
—

 
272.4

Intercompany payables
360.4

 
401.0

 
392.4

 
(1,153.8
)
 
—

Long-term debt
1,783.2

 
—

 
0.5

 
—

 
1,783.7

Other long-term liabilities
206.0

 
0.8

 
49.3

 
—

 
256.1

      Total liabilities
2,639.9

 
449.9

 
618.8

 
(1,153.8
)
 
2,554.8

Stockholder's deficiency
(491.6
)
 
332.6

 
274.7

 
(607.3
)
 
(491.6
)
Total liabilities and stockholder’s deficiency

2,148.3

 
782.5

 
893.5

 
(1,761.1
)
 
2,063.2
Condensed Statements of Income and Comprehensive Income
Condensed Consolidating Statements of Income and Comprehensive Income
For the Three Months Ended June 30, 2016
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
229.4

 
$
85.6

 
$
187.8

 
$
(13.9
)
 
$
488.9

Cost of sales
83.0

 
31.8

 
70.6

 
(13.9
)
 
171.5

Gross profit
146.4

 
53.8

 
117.2

 
—

 
317.4

Selling, general and administrative expenses
123.7

 
37.2

 
95.9

 
—

 
256.8

Acquisition and integration costs
5.2

 
—

 
0.3

 
—

 
5.5

Restructuring charges and other, net
(0.2
)
 
0.1

 
0.6

 
—

 
0.5

Operating income
17.7

 
16.5

 
20.4

 
—

 
54.6

Other expenses (income):
 
 
 
 
 
 
 
 
 
Intercompany interest, net
(2.0
)
 
(0.2
)
 
2.2

 
—

 
—

Interest expense
20.7

 
—

 
0.2

 
—

 
20.9

Amortization of debt issuance costs
1.4

 
—

 
—

 
—

 
1.4

Foreign currency losses (gains), net
1.8

 
(0.6
)
 
7.3

 
—

 
8.5

Miscellaneous, net
(12.5
)
 
(3.2
)
 
15.9

 
—

 
0.2

Other expenses (income), net
9.4

 
(4.0
)
 
25.6

 
—

 
31.0

Income (loss) from continuing operations before income taxes
8.3

 
20.5

 
(5.2
)
 
—

 
23.6

(Benefit from) provision for income taxes
(3.8
)
 
12.8

 
2.8

 
—

 
11.8

Income (loss) from continuing operations
12.1

 
7.7

 
(8.0
)
 
—

 
11.8

Loss from discontinued operations, net of taxes
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Equity in loss of subsidiaries
(2.8
)
 
(6.2
)
 
—

 
9.0

 
—

Net income (loss)
$
9.3

 
$
1.5

 
$
(10.5
)
 
$
9.0

 
$
9.3

Other comprehensive income (loss)
4.8

 
(3.1
)
 
(5.4
)
 
8.5

 
4.8

Total comprehensive income (loss)
$
14.1

 
$
(1.6
)
 
$
(15.9
)
 
$
17.5

 
$
14.1























Condensed Consolidating Statements of Income and Comprehensive Income
For the Three Months Ended June 30, 2015
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
268.4

 
$
85.3

 
$
178.6

 
$
(49.9
)
 
$
482.4

Cost of sales
114.4

 
33.0

 
63.8

 
(49.9
)
 
161.3

Gross profit
154.0

 
52.3

 
114.8

 
—

 
321.1

Selling, general and administrative expenses
119.3

 
40.2

 
97.4

 
—

 
256.9

Acquisition and integration costs
4.7

 
—

 
—

 
—

 
4.7

Restructuring charges and other, net
(0.7
)
 
0.6

—

(3.5
)
 
—

 
(3.6
)
Operating income
30.7

 
11.5

 
20.9

 
—

 
63.1

Other expenses (income):
 
 
 
 
 
 
 
 
 
Intercompany interest, net
(2.1
)
 
—

 
2.1

 
—

 
—

Interest expense
20.3

 
—

 
0.2

 
—

 
20.5

Amortization of debt issuance costs
1.4

 
—

 
—

 
—

 
1.4

Foreign currency (gains), net
(1.4
)
 
—

 
(6.5
)
 
—

 
(7.9
)
Miscellaneous, net
11.4

 
(2.9
)
 
(8.3
)
 
—

 
0.2

Other expenses (income), net
29.6

 
(2.9
)
 
(12.5
)
 
—

 
14.2

Income from continuing operations before income taxes
1.1

 
14.4

 
33.4

 
—

 
48.9

Provision for income taxes
9.5

 
9.5

 
2.4

 
—

 
21.4

Loss (income) from continuing operations
(8.4
)
 
4.9

 
31.0

 
—

 
27.5

Income from discontinued operations, net of taxes
—

 
—

 
—

 
—

 
—

Equity in loss of subsidiaries
35.9

 
22.6

 
—

 
(58.5
)
 
—

Net income
$
27.5

 
$
27.5

 
$
31.0

 
$
(58.5
)
 
$
27.5

Other comprehensive income (loss)
2.5

 
(1.8
)
 
1.8

 
—

 
2.5

Total comprehensive income
$
30.0

 
$
25.7

 
$
32.8

 
$
(58.5
)
 
$
30.0























Condensed Consolidating Statements of Income and Comprehensive Income
For the Six Months Ended June 30, 2016
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
428.1

 
$
168.6

 
$
346.0

 
$
(14.2
)
 
$
928.5

Cost of sales
145.2

 
62.2

 
132.2

 
(14.2
)
 
325.4

Gross profit
282.9

 
106.4

 
213.8

 
—

 
603.1

Selling, general and administrative expenses
247.7

 
72.8

 
182.1

 
—

 
502.6

Acquisition and integration costs
5.6

 
—

 
0.4

 
—

 
6.0

Restructuring charges and other, net
—

 
0.7

 
1.1

 
—

 
1.8

Operating income
29.6

 
32.9

 
30.2

 
—

 
92.7

Other expenses (income):
 
 
 
 
 
 
 
 
 
Intercompany interest, net
(4.3
)
 
0.1

 
4.2

 
—

 
—

Interest expense
41.6

 
—

 
0.3

 
—

 
41.9

Amortization of debt issuance costs
2.9

 
—

 
—

 
—

 
2.9

Foreign currency losses (gains), net
2.1

 
(0.3
)
 
3.3

 
—

 
5.1

Miscellaneous, net
(34.7
)
 
3.8

 
31.4

 
—

 
0.5

Other expenses, net
7.6

 
3.6

 
39.2

 
—

 
50.4

Income (loss) from continuing operations before income taxes
22.0

 
29.3

 
(9.0
)
 
—

 
42.3

(Benefit from) provision for income taxes
(8.5
)
 
26.2

 
0.2

 
—

 
17.9

Income (loss) from continuing operations
30.5

 
3.1

 
(9.2
)
 
—

 
24.4

Loss from discontinued operations, net of taxes
—

 
—

 
(2.1
)
 
—

 
(2.1
)
Equity in loss of subsidiaries
(8.2
)
 
(12.1
)
 
—

 
20.3

 
—

Net income (loss)
$
22.3

 
$
(9.0
)
 
$
(11.3
)
 
$
20.3

 
$
22.3

Other comprehensive income (loss)
8.4

 
(7.5
)
 
(8.2
)
 
15.7

 
8.4

Total comprehensive income (loss)
$
30.7

 
$
(16.5
)
 
$
(19.5
)
 
$
36.0

 
$
30.7























Condensed Consolidating Statements of Income and Comprehensive Income
For the Six Months Ended June 30, 2015
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
511.8

 
$
166.3

 
$
334.8

 
$
(92.0
)
 
$
920.9

Cost of sales
215.6

 
60.7

 
119.3

 
(92.0
)
 
303.6

Gross profit
296.2

 
105.6

 
215.5

 
—

 
617.3

Selling, general and administrative expenses
245.8

 
68.8

 
189.2

 
—

 
503.8

Acquisition and integration costs
5.9

 
—

 
—

 
—

 
5.9

Restructuring charges and other, net
(0.5
)
 
0.7

 
(3.3
)
 
—

 
(3.1
)
Operating income
45.0

 
36.1

 
29.6

 
—

 
110.7

Other expenses (income):
 
 
 
 
 
 
 
 
 
Intercompany interest, net
(4.1
)
 
(0.1
)
 
4.2

 
—

 
—

Interest expense
40.3

 
—

 
0.2

 
—

 
40.5

Amortization of debt issuance costs
2.8

 
—

 
—

 
—

 
2.8

Foreign currency (gains) losses, net
(1.2
)
 
(0.5
)
 
9.7

 
—

 
8.0

Miscellaneous, net
(6.2
)
 
(1.4
)
 
7.8

 
—

 
0.2

Other expenses (income), net
31.6

 
(2.0
)
 
21.9

 
—

 
51.5

Income from continuing operations before income taxes
13.4

 
38.1

 
7.7

 
—

 
59.2

Provision for income taxes
11.0

 
18.1

 
1.9

 
—

 
31.0

Income from continuing operations
2.4

 
20.0

 
5.8

 
—

 
28.2

Loss from discontinued operations, net of taxes
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Equity in loss of subsidiaries
25.7

 
12.4

 
—

 
(38.1
)
 
—

Net income
$
28.1

 
$
32.4

 
$
5.7

 
$
(38.1
)
 
$
28.1

Other comprehensive loss
(11.1
)
 
(2.8
)
 
(13.3
)
 
16.1

 
(11.1
)
Total comprehensive income (loss)
$
17.0

 
$
29.6

 
$
(7.6
)
 
$
(22.0
)
 
$
17.0
Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2016
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Net cash used in operating activities
$
(27.2
)
 
$
(20.4
)
 
$
(9.6
)
 
$
—

 
$
(57.2
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Capital expenditures
(13.2
)
 
(1.2
)
 
(4.2
)
 
—

 
(18.6
)
Business acquisition
—

 
—

 
(29.2
)
 
—

 
(29.2
)
Proceeds from the sale of certain assets
—

 
0.4

 
—

 
—

 
0.4

   Net cash used in investing activities
(13.2
)
 
(0.8
)
 
(33.4
)
 
—

 
(47.4
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Net (decrease) increase in short-term borrowings and overdraft
(11.2
)
 
—

 
2.8

 
—

 
(8.4
)
Repayments under the Acquisition Term Loan
(15.1
)
 
—

 
—

 
—

 
(15.1
)
Prepayments under the 2011 Term Loan
(11.5
)
 
—

 
—

 
—

 
(11.5
)
Other financing activities
(1.4
)
 
—

 
(0.2
)
 
—

 
(1.6
)
Net cash (used in) provided by financing activities
(39.2
)
 
—

 
2.6

 
—

 
(36.6
)
Effect of exchange rate changes on cash and cash equivalents
—

 
(0.4
)
 
0.5

 
—

 
0.1

Net decrease in cash and cash equivalents
(79.6
)
 
(21.6
)
 
(39.9
)
 
—

 
(141.1
)
Cash and cash equivalents at beginning of period
$
141.5

 
$
93.0

 
$
92.4

 
$
—

 
$
326.9

Cash and cash equivalents at end of period
$
61.9

 
$
71.4

 
$
52.5

 
$
—

 
$
185.8
























Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2015
 
Products Corporation
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
(1.7
)
 
$
(0.3
)
 
$
4.5

 
$
—

 
$
2.5

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Capital expenditures
(10.6
)
 
(2.5
)
 
(4.1
)
 
—

 
(17.2
)
Business acquisition, net of cash acquired
—

 
—

 
(34.2
)
 
—

 
(34.2
)
Proceeds from the sale of certain assets
0.4

 
1.5

 
0.1

 
—

 
2.0

   Net cash used in investing activities
(10.2
)
 
(1.0
)
 
(38.2
)
 
—

 
(49.4
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Net increase in short-term borrowings and overdraft
4.0

 
—

 
2.6

 
—

 
6.6

Repayments under the Acquisition Term Loan
(15.9
)
 
—

 
—

 
—

 
(15.9
)
Prepayments under the 2011 Term Loan
(12.1
)
 
—

 
—

 
—

 
(12.1
)
Other financing activities
(1.9
)
 
—

 
(0.2
)
 
—

 
(2.1
)
Net cash (used in) provided by financing activities
(25.9
)
 
—

 
2.4

 
—

 
(23.5
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(5.9
)
 
—

 
(5.9
)
Net decrease in cash and cash equivalents
(37.8
)
 
(1.3
)
 
(37.2
)
 
—

 
(76.3
)
Cash and cash equivalents at beginning of period
$
104.2

 
$
88.1

 
$
83.0

 
$
—

 
$
275.3

Cash and cash equivalents at end of period
$
66.4

 
$
86.8

 
$
45.8

 
$
—

 
$
199.0