GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets
As of September 30, 2017
	Products Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	0.2		$	7.1	$	71.9	$	—		$	79.2
Trade receivables, less allowances for doubtful accounts	68.3			142.8		248.3		—			459.4
Inventories	135.6			218.1		201.7		—			555.4
Prepaid expenses and other	164.8			22.1		57.3		—			244.2
Intercompany receivables	1,063.5			810.7		133.7		(2,007.9		)	—
Investment in subsidiaries	1,575.5			0.1		—		(1,575.6		)	—
Property, plant and equipment, net	171.4			72.6		105.1		—			349.1
Deferred income taxes	79.8			—		112.5		—			192.3
Goodwill	188.7			264.0		250.4		—			703.1
Intangible assets, net	45.4			143.2		412.3		—			600.9
Other assets	45.6			31.3		32.1		—			109.0
Total assets	$	3,538.8		$	1,712	$	1,625.3	$	(3,583.5	)	$	3,292.6
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—	$	11.8	$	—		$	11.8
Current portion of long-term debt	256.7			—		0.1		—			256.8
Accounts payable	122.4			96.2		125.8		—			344.4
Accrued expenses and other	141.0			42.2		164.3		—			347.5
Intercompany payables	738.7			798.1		471.1		(2,007.9		)	—
Long-term debt	2,655.5			—		0.5		—			2,656
Other long-term liabilities	211.2			23.5		28.1		—			262.8
Total liabilities	4,125.5			960.0		801.7		(2,007.9		)	3,879.3
Stockholder’s deficiency	(586.7		)	752.0		823.6		(1,575.6		)	(586.7		)
Total liabilities and stockholder’s deficiency	$	3,538.8		$	1,712.0	$	1,625.3	$	(3,583.5	)	$	3,292.6

Condensed Consolidating Balance Sheets
As of December 31, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	20.0		$	34.3		$	132.5	$	—		$	186.8
Trade receivables, less allowances for doubtful accounts	104.6			104.8			214.5		—			423.9
Inventories	96.8			150.5			177.3		—			424.6
Prepaid expenses and other	155.3			15.1			47.2		—			217.6
Intercompany receivables	790.1			635.7			127.8		(1,553.6		)	—
Investment in subsidiaries	1,610.1			3.0			—		(1,613.1		)	—
Property, plant and equipment, net	142.1			84.0			94.4		—			320.5
Deferred income taxes	26.2			(1.1		)	111.0		—			136.1
Goodwill	188.7			251.7			249.1		—			689.5
Intangible assets, net	49.0			149.1			438.5		—			636.6
Other assets	50.8			29.4			22.9		—			103.1
Total assets	$	3,233.7		$	1,456.5		$	1,615.2	$	(3,166.7	)	$	3,138.7
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—		$	10.8	$	—		$	10.8
Current portion of long-term debt	18.0			—			0.1		—			18.1
Accounts payable	99.7			90.7			106.5		—			296.9
Accrued expenses and other	183.0			63.5			136.2		—			382.7
Intercompany payables	554.5			530.9			468.2		(1,553.6		)	—
Long-term debt	2,662.6			—			0.5		—			2,663.1
Other long-term liabilities	222.7			20.3			30.9		—			273.9
Total liabilities	3,740.5			705.4			753.2		(1,553.6		)	3,645.5
Stockholder’s deficiency	(506.8		)	751.1			862.0		(1,613.1		)	(506.8		)
Total liabilities and stockholder’s deficiency	$	3,233.7		$	1,456.5		$	1,615.2	$	(3,166.7	)	$	3,138.7

Condensed Income Statement and Statement of Comprehensive Income

Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income
Three months ended September 30, 2017
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	144.6		$	206.0		$	316.2		$	(0.3	)	$	666.5
Cost of sales	59.5			101.1			130.0			(0.3		)	290.3
Gross profit	85.1			104.9			186.2			—			376.2
Selling, general and administrative expenses	104.5			93.5			162.2			—			360.2
Acquisition and integration costs	11.0			0.9			0.8			—			12.7
Restructuring charges and other, net	(5.4		)	9.7			2.1			—			6.4
Operating (loss) income	(25.0		)	0.8			21.1			—			(3.1		)
Other expenses (income):
Intercompany interest, net	(1.3		)	0.4			0.9			—			—
Interest expense	38.4			—			0.2			—			38.6
Amortization of debt issuance costs	2.3			—			—			—			2.3
Foreign currency (gains) losses, net	(1.6		)	0.8			(2.3		)	—			(3.1		)
Miscellaneous, net	(10.3		)	(12.6		)	23.2			—			0.3
Other expenses (income), net	27.5			(11.4		)	22.0			—			38.1
(Loss) income from continuing operations before income taxes	(52.5		)	12.2			(0.9		)	—			(41.2		)
(Benefit from) provision for income taxes	(15.8		)	3.2			2.6			—			(10.0		)
(Loss) income from continuing operations, net of taxes	(36.7		)	9.0			(3.5		)	—			(31.2		)
Income from discontinued operations, net of taxes	—			—			0.4			—			0.4
Equity in loss of subsidiaries	5.9			4.4			—			(10.3		)	—
Net (loss) income	$	(30.8	)	$	13.4		$	(3.1	)	$	(10.3	)	$	(30.8	)
Other comprehensive income (loss)	1.4			(2.7		)	(2.1		)	4.8			1.4
Total comprehensive (loss) income	$	(29.4	)	$	10.7		$	(5.2	)	$	(5.5	)	$	(29.4	)

Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended September 30, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	184.7		$	168.5		$	242.3		$	9.3		$	604.8
Cost of sales	47.4			82.7			104.0			9.3			243.4
Gross profit	137.3			85.8			138.3			—			361.4
Selling, general and administrative expenses	119.1			56.3			108.0			—			283.4
Acquisition and integration costs	33.3			0.2			—			—			33.5
Restructuring charges and other, net	0.1			—			0.4			—			0.5
Operating (loss) income	(15.2		)	29.3			29.9			—			44.0
Other expenses (income):
Intercompany interest, net	(2.2		)	—			2.2			—			—
Interest expense	27.2			—			0.2			—			27.4
Amortization of debt issuance costs	1.7			—			—			—			1.7
Loss on early extinguishment of debt	16.9			—			—			—			16.9
Foreign currency losses (gains), net	0.4			(0.4		)	1.2			—			1.2
Miscellaneous, net	(10.3		)	(4.4		)	14.1			—			(0.6		)
Other expenses (income), net	33.7			(4.8		)	17.7			—			46.6
(Loss) income from continuing operations before income taxes	(48.9		)	34.1			12.2			—			(2.6		)
(Benefit from) provision for income taxes	(8.8		)	10.2			(1.0		)	—			0.4
(Loss) income from continuing operations, net of taxes	(40.1		)	23.9			13.2			—			(3.0		)
Loss from discontinued operations, net of taxes	—			—			(0.2		)	—			(0.2		)
Equity in loss of subsidiaries	36.9			3.1			—			(40.0		)	—
Net (loss) income	$	(3.2	)	$	27.0		$	13.0		$	(40.0	)	$	(3.2	)
Other comprehensive income (loss)	5.3			0.6			1.0			(1.6		)	5.3
Total comprehensive income (loss)	$	2.1		$	27.6		$	14.0		$	(41.6	)	$	2.1

Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income
For the Nine Months Ended September 30, 2017
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	493.2		$	529.2		$	886.5		$	(1.8	)	$	1,907.1
Cost of sales	185.5			257.4			382.5			(1.8		)	823.6
Gross profit	307.7			271.8			504.0			—			1,083.5
Selling, general and administrative expenses	341.1			270.6			456.5			—			1,068.2
Acquisition and integration costs	35.1			2.5			2.6			—			40.2
Restructuring charges and other, net	(9.1		)	14.7			5.7			—			11.3
Operating (loss) income	(59.4		)	(16.0		)	39.2			—			(36.2		)
Other expenses (income):
Intercompany interest, net	(5.7		)	1.1			4.6			—			—
Interest expense	109.9			—			0.4			—			110.3
Amortization of debt issuance costs	6.8			—			—			—			6.8
Foreign currency (gains) losses, net	(3.4		)	1.3			(14.7		)	—			(16.8		)
Miscellaneous, net	(45.0		)	(22.4		)	69.2			—			1.8
Other expenses (income), net	62.6			(20.0		)	59.5			—			102.1
(Loss) income from continuing operations before income taxes	(122.0		)	4.0			(20.3		)	—			(138.3		)
(Benefit from) provision for income taxes	(62.2		)	13.9			12.9			—			(35.4		)
(Loss) income from continuing operations, net of taxes	(59.8		)	(9.9		)	(33.2		)	—			(102.9		)
Income from discontinued operations, net of taxes	—			—			1.3			—			1.3
Equity in loss of subsidiaries	(41.8		)	2.3			—			39.5			—
Net (loss) income	$	(101.6	)	$	(7.6	)	$	(31.9	)	$	39.5		$	(101.6	)
Other comprehensive income (loss)	15.8			(9.7		)	0.7			9.0			15.8
Total comprehensive (loss) income	$	(85.8	)	$	(17.3	)	$	(31.2	)	$	48.5		$	(85.8	)

Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	612.8		$	337.1		$	588.3		$	(4.9	)	$	1,533.3
Cost of sales	192.6			144.9			236.2			(4.9		)	568.8
Gross profit	420.2			192.2			352.1			—			964.5
Selling, general and administrative expenses	366.8			129.1			290.1			—			786.0
Acquisition and integration costs	38.9			0.2			0.4			—			39.5
Restructuring charges and other, net	0.1			0.7			1.5			—			2.3
Operating income	14.4			62.2			60.1			—			136.7
Other expenses (income):
Intercompany interest, net	(6.5		)	0.1			6.4			—			—
Interest expense	68.8			—			0.5			—			69.3
Amortization of debt issuance costs	4.6			—			—			—			4.6
Loss on early extinguishment of debt	16.9			—			—			—			16.9
Foreign currency losses (gains), net	2.5			(0.7		)	4.5			—			6.3
Miscellaneous, net	(45.0		)	(0.6		)	45.5			—			(0.1		)
Other expenses (income), net	41.3			(1.2		)	56.9			—			97.0
(Loss) income from continuing operations before income taxes	(26.9		)	63.4			3.2			—			39.7
(Benefit from) provision for income taxes	(17.3		)	36.4			(0.8		)	—			18.3
(Loss) income from continuing operations, net of taxes	(9.6		)	27.0			4.0			—			21.4
Loss from discontinued operations, net of taxes	—			—			(2.3		)	—			(2.3		)
Equity in loss of subsidiaries	28.7			(9.0		)	—			(19.7		)	—
Net income (loss)	$	19.1		$	18.0		$	1.7		$	(19.7	)	$	19.1
Other comprehensive income (loss)	13.7			(6.9		)	(7.2		)	14.1			13.7
Total comprehensive income (loss)	$	32.8		$	11.1		$	(5.5	)	$	(5.6	)	$	32.8

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2017
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(204.1	)	$	(23.2	)	$	(46.9	)	$	—	$	(274.2	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities	$	(43.5	)	$	(2.9	)	$	(23.1	)	$	—	$	(69.5	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in short-term borrowings and overdraft	2.1			(1.1		)	0.2			—		1.2
Net borrowings under the 2016 Revolving Credit Facility	243.9			—			—			—		243.9
Repayments under the 2016 Term Loan Facility	(13.5		)	—			—			—		(13.5		)
Payment of financing costs	(1.1		)	—			—			—		(1.1		)
Tax withholdings related to net share settlements of restricted stock units and awards	(2.5		)	—			—			—		(2.5		)
Other financing activities	(1.1		)	—			(0.2		)	—		(1.3		)
Net cash provided by (used in) financing activities	$	227.8		$	(1.1	)	$	—		$	—	$	226.7
Effect of exchange rate changes on cash and cash equivalents	—			—			9.4			—		9.4
Net decrease in cash and cash equivalents	(19.8		)	(27.2		)	(60.6		)	—		(107.6		)
Cash and cash equivalents at beginning of period	$	20.0		$	34.3		$	132.5		$	—	$	186.8
Cash and cash equivalents at end of period	$	0.2		$	7.1		$	71.9		$	—	$	79.2

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(16.9	)	$	(91.4	)	$	37.4		$	—	$	(70.9	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(23.6		)	(2.5		)	(7.0		)	—		(33.1		)
Business acquisition, net of cash acquired	(993.2		)	—			(35.5		)	—		(1,028.7		)
Proceeds from the sale of certain assets	0.1			0.4			—			—		0.5
Net cash used in investing activities	$	(1,016.7	)	$	(2.1	)	$	(42.5	)	$	—	$	(1,061.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(11.2		)	3.4			5.2			—		(2.6		)
Net borrowings under the 2016 Revolving Credit Facility	65.4			—			—			—		65.4
Repayments under the Acquisition Term Loan	(15.1		)	—			—			—		(15.1		)
Prepayments under the 2011 Term Loan	(11.5		)	—			—			—		(11.5		)
Repayment of Old Acquisition Term Loan	(658.6		)	—			—			—		(658.6		)
Repayment of 2011 Term Loan	(651.4		)	—			—			—		(651.4		)
Borrowings under the 2016 Term Loan Facility	1,791.0			—			—			—		1,791.0
Proceeds from the issuance of 6.25% Senior Notes	450.0			—			—			—		450.0
Payment of financing costs	(61.5		)	—			—			—		(61.5		)
Tax withholdings related to net share settlements of restricted stock units and awards	(2.6		)	—			—			—		(2.6		)
Other financing activities	(2.0		)	—			(0.2		)	—		(2.2		)
Net cash provided by financing activities	$	892.5		$	3.4		$	5.0		$	—	$	900.9
Effect of exchange rate changes on cash and cash equivalents	—			(0.5		)	4.1			—		3.6
Net decrease in cash and cash equivalents	(141.1		)	(90.6		)	4.0			—		(227.7		)
Cash and cash equivalents at beginning of period	$	141.5		$	93.0		$	92.4		$	—	$	326.9
Cash and cash equivalents at end of period	$	0.4		$	2.4		$	96.4		$	—	$	99.2