Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2014 |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements: |
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The Company’s senior unsecured notes are unconditionally guaranteed by certain of the Company’s subsidiaries (the “Guarantor |
Subsidiaries”) and are not secured by our other subsidiaries (the “Non-Guarantor Subsidiaries”). The Guarantor Subsidiaries are 100% owned, all guarantees are full and unconditional, and all guarantees are joint and several. As a result of the guarantee arrangements, we are required to present condensed consolidating financial statements. |
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On March 22, 2013, the Company sold its Service Experts business to a majority-owned entity of American Capital, Ltd. The primary subsidiary for the U.S. Service Experts business had previously been included as a "Guarantor Subsidiary" and the Canada Service Experts subsidiary had previously been included as a "Non-Guarantor Subsidiary." As of December 31, 2014, the U.S. and Canada Service Experts businesses were included in discontinued operations of the condensed consolidating financial statements. |
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The condensed consolidating financial statements reflect the investments in subsidiaries of the Company using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. |
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Condensed consolidating financial statements of the Company, its Guarantor Subsidiaries and Non-Guarantor Subsidiaries as of December 31, 2014 and December 31, 2013 and for the years ended December 31, 2014, 2013 and 2012 are shown on the following pages. |
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Condensed Consolidating Balance Sheets |
As of December 31, 2014 |
(In millions) |
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| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
ASSETS |
Current Assets: | | | | | | | | | |
Cash and cash equivalents | $ | 1 | | | $ | 11.5 | | | $ | 25 | | | $ | — | | | $ | 37.5 | |
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Accounts and notes receivable, net | — | | | 12.3 | | | 409.1 | | | — | | | 421.4 | |
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Inventories, net | — | | | 350.6 | | | 119.7 | | | (7.0 | ) | | 463.3 | |
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Deferred income taxes, net | 2.8 | | | 27.3 | | | 7.4 | | | (5.0 | ) | | 32.5 | |
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Other assets | 3.6 | | | 45.7 | | | 67.2 | | | (57.2 | ) | | 59.3 | |
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Total current assets | 7.4 | | | 447.4 | | | 628.4 | | | (69.2 | ) | | 1,014.00 | |
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Property, plant and equipment, net | — | | | 269 | | | 89.6 | | | — | | | 358.6 | |
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Goodwill | — | | | 140.4 | | | 69 | | | — | | | 209.4 | |
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Investment in subsidiaries | 978.1 | | | 263.5 | | | (0.6 | ) | | (1,241.0 | ) | | — | |
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Deferred income taxes | 0.5 | | | 90.8 | | | 15.8 | | | (9.6 | ) | | 97.5 | |
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Other assets, net | 5.2 | | | 61 | | | 20.1 | | | (1.5 | ) | | 84.8 | |
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Intercompany receivables (payables), net | (280.4 | ) | | 302.4 | | | (22.0 | ) | | — | | | — | |
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Total assets | $ | 710.8 | | | $ | 1,574.50 | | | $ | 800.3 | | | $ | (1,321.3 | ) | | $ | 1,764.30 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: | | | | | | | | | |
Short-term debt | $ | — | | | $ | — | | | $ | 226.6 | | | $ | — | | | $ | 226.6 | |
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Current maturities of long-term debt | 22.5 | | | 1.2 | | | 0.3 | | | — | | | 24 | |
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Accounts payable | 13.4 | | | 237.8 | | | 73.1 | | | — | | | 324.3 | |
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Accrued expenses | 9 | | | 175.5 | | | 54.5 | | | — | | | 239 | |
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Income taxes payable | (3.7 | ) | | 34.7 | | | 47.5 | | | (65.1 | ) | | 13.4 | |
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Total current liabilities | 41.2 | | | 449.2 | | | 402 | | | (65.1 | ) | | 827.3 | |
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Long-term debt | 659.5 | | | 15.3 | | | 0.2 | | | — | | | 675 | |
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Post-retirement benefits, other than pensions | — | | | 4.5 | | | — | | | — | | | 4.5 | |
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Pensions | — | | | 117.6 | | | 12.3 | | | — | | | 129.9 | |
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Other liabilities | 1.1 | | | 118.7 | | | 11.7 | | | (12.9 | ) | | 118.6 | |
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Total liabilities | 701.8 | | | 705.3 | | | 426.2 | | | (78.0 | ) | | 1,755.30 | |
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Commitments and contingencies | | | | | | | | | |
Total stockholders' equity | 9 | | | 869.2 | | | 374.1 | | | (1,243.3 | ) | | 9 | |
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Total liabilities and stockholders' equity | $ | 710.8 | | | $ | 1,574.50 | | | $ | 800.3 | | | $ | (1,321.3 | ) | | $ | 1,764.30 | |
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Condensed Consolidating Balance Sheets |
As of December 31, 2013 |
(In millions) |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
ASSETS |
Current Assets: | | | | | | | | | |
Cash and cash equivalents | $ | 1.1 | | | $ | 10.5 | | | $ | 26.4 | | | $ | — | | | $ | 38 | |
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Accounts and notes receivable, net | — | | | 12.8 | | | 395.3 | | | — | | | 408.1 | |
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Inventories, net | — | | | 253.6 | | | 128.4 | | | (3.2 | ) | | 378.8 | |
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Deferred income taxes, net | 0.9 | | | 21.2 | | | 5.7 | | | (3.3 | ) | | 24.5 | |
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Other assets | 3.4 | | | 38.4 | | | 70.2 | | | (59.0 | ) | | 53 | |
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Total current assets | 5.4 | | | 336.5 | | | 626 | | | (65.5 | ) | | 902.4 | |
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Property, plant and equipment, net | — | | | 246.4 | | | 89.1 | | | — | | | 335.5 | |
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Goodwill | — | | | 140.4 | | | 76.4 | | | — | | | 216.8 | |
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Investment in subsidiaries | 1,138.80 | | | 337.5 | | | (0.6 | ) | | (1,475.7 | ) | | — | |
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Deferred income taxes | — | | | 76.9 | | | 20.2 | | | (8.6 | ) | | 88.5 | |
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Other assets, net | 4.2 | | | 64.3 | | | 16.4 | | | (1.4 | ) | | 83.5 | |
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Intercompany receivables (payables), net | (460.6 | ) | | 434 | | | 26.6 | | | — | | | — | |
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Total assets | $ | 687.8 | | | $ | 1,636.00 | | | $ | 854.1 | | | $ | (1,551.2 | ) | | $ | 1,626.70 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: | | | | | | | | | |
Short-term debt | $ | — | | | $ | — | | | $ | 165.9 | | | $ | — | | | $ | 165.9 | |
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Current maturities of long-term debt | — | | | 1 | | | 0.3 | | | — | | | 1.3 | |
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Accounts payable | 11.8 | | | 187.8 | | | 83.5 | | | — | | | 283.1 | |
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Accrued expenses | 3.3 | | | 168.4 | | | 60.4 | | | — | | | 232.1 | |
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Income taxes payable | (30.3 | ) | | 75.7 | | | 49.9 | | | (63.7 | ) | | 31.6 | |
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Total current liabilities | (15.2 | ) | | 432.9 | | | 360 | | | (63.7 | ) | | 714 | |
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Long-term debt | 217 | | | 15.8 | | | 0.4 | | | — | | | 233.2 | |
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Post-retirement benefits, other than pensions | — | | | 4.6 | | | — | | | — | | | 4.6 | |
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Pensions | — | | | 58.4 | | | 11.6 | | | — | | | 70 | |
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Other liabilities | 0.3 | | | 119.4 | | | 11.3 | | | (11.8 | ) | | 119.2 | |
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Total liabilities | 202.1 | | | 631.1 | | | 383.3 | | | (75.5 | ) | | 1,141.00 | |
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Commitments and contingencies | | | | | | | | | |
Total stockholders' equity | 485.7 | | | 1,004.90 | | | 470.8 | | | (1,475.7 | ) | | 485.7 | |
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Total liabilities and stockholders' equity | $ | 687.8 | | | $ | 1,636.00 | | | $ | 854.1 | | | $ | (1,551.2 | ) | | $ | 1,626.70 | |
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Condensed Consolidating Statements of Operations and Comprehensive Income |
For the Year Ended December 31, 2014 |
(In millions) |
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| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Net Sales | $ | — | | | $ | 2,775.70 | | | $ | 818 | | | $ | (226.3 | ) | | $ | 3,367.40 | |
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Cost of goods sold | — | | | 2,057.80 | | | 628.3 | | | (222.0 | ) | | 2,464.10 | |
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Gross profit | — | | | 717.9 | | | 189.7 | | | (4.3 | ) | | 903.3 | |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative expenses | — | | | 454.5 | | | 119.2 | | | — | | | 573.7 | |
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Losses and other expenses, net | — | | | 3.2 | | | 3.6 | | | — | | | 6.8 | |
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Restructuring charges | — | | | 0.4 | | | 1.5 | | | — | | | 1.9 | |
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Income from equity method investments | (216.4 | ) | | (25.4 | ) | | (11.3 | ) | | 239.3 | | | (13.8 | ) |
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Operational income from continuing operations | 216.4 | | | 285.2 | | | 76.7 | | | (243.6 | ) | | 334.7 | |
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Interest expense, net | 16 | | | (3.0 | ) | | 4.2 | | | — | | | 17.2 | |
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Other expense, net | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) |
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Income from continuing operations before income taxes | 200.4 | | | 288.2 | | | 72.6 | | | (243.6 | ) | | 317.6 | |
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Provision for income taxes | (5.6 | ) | | 91.7 | | | 24.9 | | | (1.5 | ) | | 109.5 | |
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Income from continuing operations | 206 | | | 196.5 | | | 47.7 | | | (242.1 | ) | | 208.1 | |
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Loss from discontinued operations | — | | | — | | | (2.3 | ) | | — | | | (2.3 | ) |
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Net income | $ | 206 | | | $ | 196.5 | | | $ | 45.4 | | | $ | (242.1 | ) | | $ | 205.8 | |
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Other comprehensive loss | $ | (4.1 | ) | | $ | (51.2 | ) | | $ | (34.8 | ) | | $ | (2.3 | ) | | $ | (92.4 | ) |
Comprehensive Income | $ | 201.9 | | | $ | 145.3 | | | $ | 10.6 | | | $ | (244.4 | ) | | $ | 113.4 | |
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Condensed Consolidating Statements of Operations and Comprehensive Income |
For the Year Ended December 31, 2013 |
(In millions) |
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| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Net sales | $ | — | | | $ | 2,557.90 | | | $ | 837 | | | $ | (195.8 | ) | | $ | 3,199.10 | |
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Cost of goods sold | — | | | 1,900.90 | | | 632.8 | | | (195.8 | ) | | 2,337.90 | |
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Gross profit | — | | | 657 | | | 204.2 | | | — | | | 861.2 | |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative expenses | — | | | 437.1 | | | 133 | | | — | | | 570.1 | |
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Losses and other expenses, net | 1.1 | | | 7.9 | | | 0.3 | | | — | | | 9.3 | |
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Restructuring charges | — | | | 2.9 | | | 2.1 | | | — | | | 5 | |
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Income from equity method investments | (181.7 | ) | | (26.4 | ) | | (9.7 | ) | | 205.6 | | | (12.2 | ) |
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Operational income from continuing operations | 180.6 | | | 235.5 | | | 78.5 | | | (205.6 | ) | | 289 | |
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Interest expense, net | 14 | | | (2.1 | ) | | 2.6 | | | — | | | 14.5 | |
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Other expense, net | — | | | — | | | 0.2 | | | — | | | 0.2 | |
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Income from continuing operations before income taxes | 166.6 | | | 237.6 | | | 75.7 | | | (205.6 | ) | | 274.3 | |
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Provision for income taxes | (5.2 | ) | | 73.7 | | | 25.9 | | | — | | | 94.4 | |
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Income from continuing operations | 171.8 | | | 163.9 | | | 49.8 | | | (205.6 | ) | | 179.9 | |
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Loss from discontinued operations | — | | | — | | | (8.1 | ) | | — | | | (8.1 | ) |
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Net income | $ | 171.8 | | | $ | 163.9 | | | $ | 41.7 | | | $ | (205.6 | ) | | $ | 171.8 | |
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Other comprehensive loss | $ | (38.8 | ) | | $ | 36.3 | | | $ | (6.1 | ) | | $ | (30.2 | ) | | $ | (38.8 | ) |
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Comprehensive income | $ | 133 | | | $ | 200.2 | | | $ | 35.6 | | | $ | (235.8 | ) | | $ | 133 | |
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Condensed Consolidating Statements of Operations and Comprehensive Income |
For the Year Ended December 31, 2012 |
(In millions) |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
Net Sales | $ | — | | | $ | 2,327.70 | | | $ | 824 | | | $ | (202.3 | ) | | $ | 2,949.40 | |
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Cost of goods sold | 0.2 | | | 1,799.60 | | | 629.2 | | | (201.9 | ) | | 2,227.10 | |
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Gross profit | (0.2 | ) | | 528.1 | | | 194.8 | | | (0.4 | ) | | 722.3 | |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative expenses | — | | | 374.3 | | | 132.7 | | | — | | | 507 | |
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Losses and other expenses, net | (1.7 | ) | | 1.1 | | | 3.2 | | | (0.1 | ) | | 2.5 | |
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Restructuring charges | — | | | 2.8 | | | 1.4 | | | — | | | 4.2 | |
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Income from equity method investments | (116.3 | ) | | (17.0 | ) | | (7.8 | ) | | 130.6 | | | (10.5 | ) |
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Operational income from continuing operations | 117.8 | | | 166.9 | | | 65.3 | | | (130.9 | ) | | 219.1 | |
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Interest expense, net | 16.6 | | | (2.4 | ) | | 2.9 | | | — | | | 17.1 | |
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Other expense, net | — | | | — | | | 0.3 | | | — | | | 0.3 | |
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Income from continuing operations before income taxes | 101.2 | | | 169.3 | | | 62.1 | | | (130.9 | ) | | 201.7 | |
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Provision for income taxes | (4.9 | ) | | 50.5 | | | 21.2 | | | (0.1 | ) | | 66.7 | |
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Income from continuing operations | 106.1 | | | 118.8 | | | 40.9 | | | (130.8 | ) | | 135 | |
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Loss from discontinued operations | — | | | (18.5 | ) | | (26.5 | ) | | — | | | (45.0 | ) |
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Net income | $ | 106.1 | | | $ | 100.3 | | | $ | 14.4 | | | $ | (130.8 | ) | | $ | 90 | |
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Other comprehensive income | $ | 6.7 | | | $ | (2.8 | ) | | $ | 5.2 | | | $ | 5.7 | | | $ | 14.8 | |
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Comprehensive Income | $ | 112.8 | | | $ | 97.5 | | | $ | 19.6 | | | $ | (125.1 | ) | | $ | 104.8 | |
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Condensed Consolidating Statements of Cash Flows |
For the Year Ended December 31, 2014 |
(In millions) |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
Cash flows from operating activities: | $ | 328.8 | | | $ | (97.2 | ) | | $ | (46.8 | ) | | $ | — | | | $ | 184.8 | |
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Cash flows from investing activities: | | | | | | | | | |
Proceeds from the disposal of property, plant and equipment | — | | | 1 | | | 0.1 | | | — | | | 1.1 | |
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Purchases of property, plant and equipment | — | | | (70.5 | ) | | (17.9 | ) | | — | | | (88.4 | ) |
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Net cash used in investing activities | — | | | (69.5 | ) | | (17.8 | ) | | — | | | (87.3 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Short-term borrowings, net | — | | | — | | | 1.5 | | | — | | | 1.5 | |
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Asset securitization borrowings | — | | | — | | | 100 | | | — | | | 100 | |
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Asset securitization payments | — | | | — | | | (40.0 | ) | | — | | | (40.0 | ) |
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Term loan borrowings from credit facility | 300 | | | — | | | — | | | — | | | 300 | |
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Long-term debt payments | — | | | (1.9 | ) | | (0.4 | ) | | — | | | (2.3 | ) |
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Borrowings from credit facility | 2,073.50 | | | — | | | — | | | — | | | 2,073.50 | |
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Payments on credit facility | (1,908.5 | ) | | — | | | — | | | — | | | (1,908.5 | ) |
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Payments of deferred financing costs | (2.2 | ) | | — | | | — | | | — | | | (2.2 | ) |
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Proceeds from employee stock purchases | 2 | | | — | | | — | | | — | | | 2 | |
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Repurchases of common stock | (550.3 | ) | | — | | | — | | | — | | | (550.3 | ) |
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Repurchases of common stock to satisfy employee withholding tax obligations | (22.4 | ) | | — | | | — | | | — | | | (22.4 | ) |
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Excess tax benefits related to share-based payments | 11.8 | | | — | | | — | | | — | | | 11.8 | |
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Intercompany debt | (0.1 | ) | | 4.7 | | | (4.6 | ) | | — | | | — | |
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Intercompany financing activity | (180.1 | ) | | 164.9 | | | 15.2 | | | — | | | — | |
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Cash dividends paid | (52.6 | ) | | — | | | — | | | — | | | (52.6 | ) |
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Net cash provided by (used in) financing activities | (328.9 | ) | | 167.7 | | | 71.7 | | | — | | | (89.5 | ) |
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Increase (decrease) in cash and cash equivalents | (0.1 | ) | | 1 | | | 7.1 | | | — | | | 8 | |
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Effect of exchange rates on cash and cash equivalents | — | | | — | | | (8.5 | ) | | — | | | (8.5 | ) |
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Cash and cash equivalents, beginning of year | 1.1 | | | 10.5 | | | 26.4 | | | — | | | 38 | |
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Cash and cash equivalents, end of year | $ | 1 | | | $ | 11.5 | | | $ | 25 | | | $ | — | | | $ | 37.5 | |
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Condensed Consolidating Statements of Cash Flows |
For the Year Ended December 31, 2013 |
(In millions) |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
Cash flows from operating activities: | $ | (30.4 | ) | | $ | 328.4 | | | $ | (87.7 | ) | | $ | — | | | $ | 210.3 | |
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Cash flows from investing activities: | | | | | | | | | |
Proceeds from the disposal of property, plant and equipment | — | | | 2.4 | | | — | | | — | | | 2.4 | |
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Purchases of property, plant and equipment | — | | | (55.8 | ) | | (22.5 | ) | | — | | | (78.3 | ) |
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Net Proceeds from sale of business | 5.3 | | | — | | | 3.3 | | | — | | | 8.6 | |
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Net cash used in investing activities | 5.3 | | | (53.4 | ) | | (19.2 | ) | | — | | | (67.3 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Short-term borrowings, net | — | | | — | | | 2 | | | — | | | 2 | |
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Asset securitization borrowings | — | | | — | | | 330 | | | — | | | 330 | |
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Asset securitization payments | — | | | — | | | (200.0 | ) | | — | | | (200.0 | ) |
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Long-term debt payments | — | | | (0.7 | ) | | (0.3 | ) | | — | | | (1.0 | ) |
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Borrowings from revolving credit facility | 1,425.50 | | | — | | | — | | | — | | | 1,425.50 | |
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Payments on revolving credit facility | (1,543.5 | ) | | — | | | — | | | — | | | (1,543.5 | ) |
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Proceeds from employee stock purchases | 1.8 | | | — | | | — | | | — | | | 1.8 | |
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Additional investment in subsidiary | — | | | — | | | (0.5 | ) | | — | | | (0.5 | ) |
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Repurchases of common stock | (125.0 | ) | | — | | | — | | | — | | | (125.0 | ) |
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Repurchases of common stock to satisfy employee withholding tax obligations | (12.0 | ) | | — | | | — | | | — | | | (12.0 | ) |
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Excess tax benefits related to share-based payments | 6.5 | | | — | | | — | | | — | | | 6.5 | |
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Intercompany debt | (26.8 | ) | | 12.3 | | | 14.5 | | | — | | | — | |
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Intercompany financing activity | 332.7 | | | (289.5 | ) | | (43.2 | ) | | — | | | — | |
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Cash dividends paid | (34.0 | ) | | — | | | — | | | — | | | (34.0 | ) |
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Net cash provided by (used in) financing activities | 25.2 | | | (277.9 | ) | | 102.5 | | | — | | | (150.2 | ) |
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Decrease in cash and cash equivalents | 0.1 | | | (2.9 | ) | | (4.4 | ) | | — | | | (7.2 | ) |
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Effect of exchange rates on cash and cash equivalents | — | | | — | | | (6.6 | ) | | — | | | (6.6 | ) |
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Cash and cash equivalents, beginning of year | 1 | | | 13.4 | | | 37.4 | | | — | | | 51.8 | |
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Cash and cash equivalents, end of year | $ | 1.1 | | | $ | 10.5 | | | $ | 26.4 | | | $ | — | | | $ | 38 | |
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Condensed Consolidating Statements of Cash Flows |
For the Year Ended December 31, 2012 |
(In millions) |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
Cash flows from operating activities: | $ | 20.7 | | | $ | 207.3 | | | $ | (6.6 | ) | | $ | — | | | $ | 221.4 | |
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Cash flows from investing activities: | | | | | | | | | |
Proceeds from the disposal of property, plant and equipment | — | | | 0.1 | | | — | | | — | | | 0.1 | |
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Purchases of property, plant and equipment | — | | | (37.7 | ) | | (12.5 | ) | | — | | | (50.2 | ) |
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Net proceeds from sale of business | — | | | 10.1 | | | — | | | — | | | 10.1 | |
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Net cash used in discontinued operations | — | | | (0.5 | ) | | 0.1 | | | — | | | (0.4 | ) |
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Net cash used in investing activities | — | | | (28.0 | ) | | (12.4 | ) | | — | | | (40.4 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Short-term borrowings, net | — | | | — | | | 0.2 | | | — | | | 0.2 | |
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Asset securitization borrowings | — | | | — | | | 645 | | | — | | | 645 | |
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Asset securitization payments | — | | | — | | | (615.0 | ) | | — | | | (615.0 | ) |
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Long-term debt payments | — | | | (0.7 | ) | | (0.4 | ) | | — | | | (1.1 | ) |
|
Borrowings from revolving credit facility | 967 | | | — | | | — | | | — | | | 967 | |
|
Payments on revolving credit facility | (1,075.0 | ) | | — | | | — | | | — | | | (1,075.0 | ) |
|
Proceeds from stock option exercises | 0.8 | | | — | | | — | | | — | | | 0.8 | |
|
Repurchases of common stock | (50.1 | ) | | — | | | — | | | — | | | (50.1 | ) |
|
Repurchases of common stock to satisfy employee withholding tax obligations | (7.8 | ) | | — | | | — | | | — | | | (7.8 | ) |
|
Excess tax benefits related to share-based payments | 3.5 | | | — | | | — | | | — | | | 3.5 | |
|
Intercompany debt | 2.4 | | | (4.0 | ) | | 1.6 | | | — | | | — | |
|
Intercompany financing activity | 186.1 | | | (170.9 | ) | | (15.2 | ) | | — | | | — | |
|
Cash dividends paid | (47.6 | ) | | — | | | — | | | — | | | (47.6 | ) |
|
Net cash provided by (used in) financing activities | (20.7 | ) | | (175.6 | ) | | 16.2 | | | — | | | (180.1 | ) |
|
Increase (decrease) in cash and cash equivalents | — | | | 3.7 | | | (2.8 | ) | | — | | | 0.9 | |
|
Effect of exchange rates on cash and cash equivalents | — | | | — | | | 5.9 | | | — | | | 5.9 | |
|
Cash and cash equivalents, beginning of year | 1 | | | 9.7 | | | 34.3 | | | — | | | 45 | |
|
Cash and cash equivalents, end of year | $ | 1 | | | $ | 13.4 | | | $ | 37.4 | | | $ | — | | | $ | 51.8 | |
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