GUARNATOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Financial Information Disclosure [Abstract]



Condensed Consolidating Balance Sheets
As of September 30, 2018
	Products Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated

ASSETS
Cash and cash equivalents	$	6.0		$	7.1	$	48.7	$	—		$	61.8
Trade receivables, less allowances for doubtful accounts	77.9			129.3		234.4		—			441.6
Inventories	161.5			235.5		190.6		—			587.6
Prepaid expenses and other	217.1			28.6		71.8		—			317.5
Intercompany receivables	2,083.7			1,958.5		241.1		(4,283.3		)	—
Investment in subsidiaries	1,604.0			50.1		—		(1,654.1		)	—
Property, plant and equipment, net	192.9			61.7		103.8		—			358.4
Deferred income taxes	72.5			—		105.2		—			177.7
Goodwill	177.9			264.0		250.2		—			692.1
Intangible assets, net	40.6			418.8		100.7		—			560.1
Other assets	59.5			22.0		36.0		—			117.5
Total assets	$	4,693.6		$	3,175.6	$	1,382.5	$	(5,937.4	)	$	3,314.3
LIABILITIES AND STOCKHOLDER’S (DEFICIENCY) EQUITY
Short-term borrowings	$	11.0		$	—	$	10.4	$	—		$	21.4
Current portion of long-term debt	420.2			—		0.1		—			420.3
Accounts payable	150.3			106.4		106.5		—			363.2
Accrued expenses and other	165.6			74.2		175.3		—			415.1
Intercompany payables	1,978.5			1,905.4		399.4		(4,283.3		)	—
Long-term debt	2,646.7			—		84.7		—			2,731.4
Other long-term liabilities	187.1			6.3		35.2		—			228.6
Total liabilities	5,559.4			2,092.3		811.6		(4,283.3		)	4,180.0
Stockholder’s deficiency	(865.8		)	1,083.3		570.9		(1,654.1		)	(865.7		)
Total liabilities and stockholder’s deficiency	$	4,693.6		$	3,175.6	$	1,382.5	$	(5,937.4	)	$	3,314.3



Condensed Consolidating Balance Sheets
As of December 31, 2017
	Products Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated

ASSETS
Cash and cash equivalents	$	0.3		$	5.3	$	81.5	$	—		$	87.1
Trade receivables, less allowances for doubtful accounts	103.1			99.7		242.0		—			444.8
Inventories	121.8			160.7		215.4		—			497.9
Prepaid expenses and other	164.9			24.0		62.4		—			251.3
Intercompany receivables	1,422.0			1,309.4		154.5		(2,885.9		)	—
Investment in subsidiaries	1,637.9			35.4		—		(1,673.3		)	—
Property, plant and equipment, net	186.5			73.8		112.4		—			372.7
Deferred income taxes	13.8			—		105.1		—			118.9
Goodwill	177.9			264.0		250.6		—			692.5
Intangible assets, net	44.1			438.5		109.5		—			592.1
Other assets	50.8			30.3		37.3		—			118.4
Total assets	$	3,923.1		$	2,441.1	$	1,370.7	$	(4,559.2	)	$	3,175.7
LIABILITIES AND STOCKHOLDER’S (DEFICIENCY) EQUITY
Short-term borrowings	$	—		$	—	$	12.4	$	—		$	12.4
Current portion of long-term debt	170.1			—		0.1		—			170.2
Accounts payable	130.2			85.7		121.0		—			336.9
Accrued expenses and other	187.0			48.4		181.1		—			416.5
Intercompany payables	1,240.2			1,185.1		460.6		(2,885.9		)	—
Long-term debt	2,653.2			—		0.5		—			2,653.7
Other long-term liabilities	197.8			10.4		33.2		—			241.4
Total liabilities	4,578.5			1,329.6		808.9		(2,885.9		)	3,831.1
Stockholder’s deficiency	(655.4		)	1,111.5		561.8		(1,673.3		)	(655.4		)
Total liabilities and stockholder’s deficiency	$	3,923.1		$	2,441.1	$	1,370.7	$	(4,559.2	)	$	3,175.7

Condensed Income Statement and Statement of Comprehensive Income



Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three months ended September 30, 2018
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	149.3		$	196.5		$	308.5		$	1.1		$	655.4
Cost of sales	77.2			104.4			122.3			1.1			305.0
Gross profit	72.1			92.1			186.2			—			350.4
Selling, general and administrative expenses	99.6			98.0			141.5			—			339.1
Acquisition and integration costs	2.2			0.4			0.8			—			3.4
Restructuring charges and other, net	0.7			2.0			1.2			—			3.9
Operating (loss) income	(30.4		)	(8.3		)	42.7			—			4.0
Other expense (income):
Intercompany interest, net	(0.8		)	0.6			0.2			—			—
Interest expense	44.7			—			1.7			—			46.4
Amortization of debt issuance costs	3.8			—			—			—			3.8
Foreign currency (gains) losses, net	0.5			—			0.6			—			1.1
Miscellaneous, net	(4.7		)	(16.1		)	21.2			—			0.4
Other expenses (income), net	43.5			(15.5		)	23.7			—			51.7

Loss from continuing operations before income taxes	(73.9		)	7.2			19.0			—			(47.7		)
(Benefit from) provision for income taxes	(41.5		)	1.4			1.9			—			(38.2		)
Loss from continuing operations, net of taxes	(32.4		)	5.8			17.1			—			(9.5		)
Loss from discontinued operations, net of taxes	—			—			(0.4		)	—			(0.4		)
Equity in (loss) income of subsidiaries	$	22.5		$	6.4		$	—		$	(28.9	)	$	—
Net loss	$	(9.9	)	$	12.2		$	16.7		$	(28.9	)	$	(9.9	)
Other comprehensive (loss) income	(2.6		)	(0.5		)	(0.3		)	0.8			(2.6		)
Total comprehensive (loss) income	$	(12.5	)	$	11.7		$	16.4		$	(28.1	)	$	(12.5	)



Condensed Consolidating Statements of Operations and Comprehensive 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	58.9			101.1			130.8			(0.3		)	290.5
Gross profit	85.7			104.9			185.4			—			376.0
Selling, general and administrative expenses	105.0			93.5			161.4			—			359.9
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	(24.9		)	0.8			21.1			—			(3.0		)
Other expense (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	(10.2		)	(12.6		)	23.2			—			0.4
Other expenses (income), net	27.6			(11.4		)	22.0			—			38.2

Loss 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 from continuing operations, net of taxes	(36.7		)	9.0			(3.5		)	—			(31.2		)
Loss from discontinued operations, net of taxes	—			—			0.4			—			0.4
Equity in (loss) income of subsidiaries	$	5.9		$	4.4		$	—		$	(10.3	)	$	—
Net loss	$	(30.8	)	$	13.4		$	(3.1	)	$	(10.3	)	$	(30.8	)
Other comprehensive (loss) income	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 Statement of Operations and Comprehensive (Loss) Income
Nine months ended September 30, 2018
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	478.3		$	485.3		$	860.8		$	(1.5	)	$	1,822.9
Cost of sales	231.9			239.4			337.4			(1.5		)	807.2
Gross profit	246.4			245.9			523.4			—			1,015.7
Selling, general and administrative expenses	326.6			314.0			441.5			—			1,082.1
Acquisition and integration costs	7.8			1.4			2.8			—			12.0
Restructuring charges and other, net	5.1			2.2			6.6			—			13.9
Loss on disposal of minority investment	20.1			—			—			—			20.1
Operating (loss) income	(113.2		)	(71.7		)	72.5			—			(112.4		)
Other expense (income):
Intercompany interest, net	(4.7		)	1.8			2.9			—			—
Interest expense	127.0			—			2.1			—			129.1
Amortization of debt issuance costs	9.1			—			—			—			9.1
Foreign currency (gains) losses, net	2.5			0.4			7.8			—			10.7
Miscellaneous, net	(15.0		)	(41.8		)	57.4			—			0.6
Other expenses (income), net	118.9			(39.6		)	70.2			—			149.5

Loss from continuing operations before income taxes	(232.1		)	(32.1		)	2.3			—			(261.9		)
(Benefit from) provision for income taxes	(49.7		)	6.5			1.2			—			(42.0		)
Loss from continuing operations, net of taxes	(182.4		)	(38.6		)	1.1			—			(219.9		)
Loss from discontinued operations, net of taxes	—			—			(0.1		)	—			(0.1		)
Equity in (loss) income of subsidiaries	$	(37.6	)	$	1.6		$	—		$	36.0		$	—
Net loss	$	(220.0	)	$	(37.0	)	$	1.0		$	36.0		$	(220.0	)
Other comprehensive (loss) income	(5.1		)	(3.3		)	(9.3		)	12.6			(5.1		)
Total comprehensive loss	$	(225.1	)	$	(40.3	)	$	(8.3	)	$	48.6		$	(225.1	)



Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
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			383.3			(1.8		)	824.4
Gross profit	307.7			271.8			503.2			—			1,082.7
Selling, general and administrative expenses	341.1			270.6			455.7			—			1,067.4
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 expense (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 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 from continuing operations, net of taxes	(59.8		)	(9.9		)	(33.2		)	—			(102.9		)
Loss from discontinued operations, net of taxes	—			—			1.3			—			1.3
Equity in (loss) income of subsidiaries	$	(41.8	)	$	2.3		$	—		$	39.5		$	—
Net loss	$	(101.6	)	$	(7.6	)	$	(31.9	)	$	39.5		$	(101.6	)
Other comprehensive (loss) income	15.8			(9.7		)	0.7			9.0			15.8
Total comprehensive loss	$	(85.8	)	$	(17.3	)	$	(31.2	)	$	48.5		$	(85.8	)

Condensed Cash Flow Statement



Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2018
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(196.0	)	$	(0.5	)	$	(100.2	)	$	—	$	(296.7	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities	(24.4		)	(5.0		)	(12.2		)	—		(41.6		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft	(3.6		)	7.3			(1.4		)	—		2.3
Net borrowings under the 2016 Revolving Credit Facility	251.3			—			—			—		251.3
Borrowings under the 2018 Foreign Asset-Based Term Loan	—			—			89.4					89.4
Repayments under the 2016 Term Loan Facility	(13.5		)	—			—			—		(13.5		)
Payment of financing costs	(4.7		)	—			(4.7		)	—		(9.4		)
Tax withholdings related to net share settlements of restricted stock units and awards	(3.6		)	—			—			—		(3.6		)
Other financing activities	0.3			—			(0.2		)	—		0.1
Net cash provided by financing activities	226.2			7.3			83.1			—		316.6
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			(0.1		)	(3.1		)			(3.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	5.8			1.7			(32.4		)	—		(24.9		)
Cash, cash equivalents and restricted cash at beginning of period	$	0.3		$	5.3		$	81.8		$	—	$	87.4
Cash, cash equivalents and restricted cash at end of period	$	6.1		$	7.0		$	49.4		$	—	$	62.5



Condensed Consolidating Statements of Cash Flows
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, cash equivalents and restricted cash	—			—			9.4			—		9.4
Net increase (decrease) in cash, cash equivalents and restricted cash	(19.8		)	(27.2		)	(60.6		)	—		(107.6		)
Cash, cash equivalents and restricted cash at beginning of period	$	20.0		$	34.3		$	132.5		$	—	$	186.8
Cash, cash equivalents and restricted cash at end of period	$	0.2		$	7.1		$	71.9		$	—	$	79.2