Consolidating Financial Statements (Notes) | 9 Months Ended |
Jun. 29, 2014 |
Consolidating Financial Statements [Abstract] | ' |
Consolidating Financial Statements | ' |
16 CONSOLIDATING FINANCIAL STATEMENTS |
SB/RH with its domestic subsidiaries as guarantors, has issued the 6.375% Notes and the 6.625% Notes under the 2020/22 Indenture. See Note 6, "Debt," for further information on the 6.375% Notes and the 6.625% Notes issued under the 2020/22 Indenture. |
The following consolidating financial statements illustrate the components of the consolidated financial statements of the Company. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Earnings of subsidiaries are therefore reflected in the Company's and Guarantor Subsidiaries investment accounts and earnings. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions. |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Financial Position |
June 29, 2014 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | | Subsidiaries | | Eliminations | | Total |
ASSETS |
Current assets: | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 2,283 | | $ | 1,717 | | $ | 79,399 | | $ | — | | $ | 83,399 |
Receivables: | | | | | | | | | | | | | | | |
Trade accounts receivables, net of allowances | | | 47,396 | | | 218,277 | | | 257,955 | | | — | | | 523,628 |
Intercompany receivables | | | 212,707 | | | 768,899 | | | 583,998 | | | -1,562,388 | | | 3,216 |
Other | | | 2,436 | | | 18,548 | | | 59,995 | | | — | | | 80,979 |
Inventories | | | 99,114 | | | 362,234 | | | 281,684 | | | -8,209 | | | 734,823 |
Deferred income taxes | | | -10,428 | | | 32,917 | | | 14,925 | | | 1,719 | | | 39,133 |
Prepaid expenses and other | | | 21,229 | | | 27,693 | | | 38,593 | | | 42 | | | 87,557 |
Total current assets | | | 374,737 | | | 1,430,285 | | | 1,316,549 | | | -1,568,836 | | | 1,552,735 |
Property, plant and equipment, net | | | 137,301 | | | 115,747 | | | 187,350 | | | — | | | 440,398 |
Long-term intercompany receivables | | | 23,979 | | | 110,526 | | | 40,960 | | | -175,465 | | | — |
Deferred charges and other | | | 7,518 | | | 2,371 | | | 18,875 | | | — | | | 28,764 |
Goodwill | | | 67,722 | | | 1,023,631 | | | 393,083 | | | — | | | 1,484,436 |
Intangible assets, net | | | 496,693 | | | 1,137,825 | | | 501,648 | | | — | | | 2,136,166 |
Debt issuance costs | | | 50,552 | | | — | | | 5,533 | | | — | | | 56,085 |
Investments in subsidiaries | | | 4,044,471 | | | 1,305,372 | | | 444 | | | -5,350,287 | | | — |
Total assets | | $ | 5,202,973 | | $ | 5,125,757 | | $ | 2,464,442 | | $ | -7,094,588 | | $ | 5,698,584 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
Current liabilities: | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 70,543 | | $ | 6,820 | | $ | 44,146 | | $ | — | | $ | 121,509 |
Accounts payable | | | 61,343 | | | 169,819 | | | 188,389 | | | — | | | 419,551 |
Intercompany accounts payable | | | 1,217,674 | | | 888,441 | | | 103,310 | | | -2,209,425 | | | — |
Accrued liabilities: | | | | | | | | | | | | | | | |
Wages and benefits | | | 21,217 | | | 13,965 | | | 39,140 | | | — | | | 74,322 |
Income taxes payable | | | 1,052 | | | 157 | | | 15,493 | | | — | | | 16,702 |
Accrued interest | | | 20,041 | | | — | | | 1,512 | | | — | | | 21,553 |
Other | | | 21,813 | | | 50,613 | | | 75,405 | | | — | | | 147,831 |
Total current liabilities | | | 1,413,683 | | | 1,129,815 | | | 467,395 | | | -2,209,425 | | | 801,468 |
Long-term debt, net of current maturities | | | 2,809,768 | | | 11,577 | | | 393,755 | | | — | | | 3,215,100 |
Long-term intercompany debt | | | 17,688 | | | -598,100 | | | 108,797 | | | 471,615 | | | — |
Employee benefit obligations, net of current portion | | | 11,644 | | | — | | | 73,215 | | | — | | | 84,859 |
Deferred income taxes | | | -128,991 | | | 535,485 | | | 100,200 | | | — | | | 506,694 |
Other | | | 10,288 | | | 2,509 | | | 15,708 | | | — | | | 28,505 |
Total liabilities | | | 4,134,080 | | | 1,081,286 | | | 1,159,070 | | | -1,737,810 | | | 4,636,626 |
Shareholders’ equity: | | | | | | | | | | | | | | | |
Other equity | | | 1,397,121 | | | 3,185,802 | | | 1,209,528 | | | -4,402,265 | | | 1,390,186 |
Accumulated (deficit) retained earnings | | | -343,555 | | | 828,691 | | | 60,707 | | | -889,398 | | | -343,555 |
Accumulated other comprehensive (deficit) income | | | -33,997 | | | -24,464 | | | -19,305 | | | 43,769 | | | -33,997 |
Total shareholders’ equity | | | 1,019,569 | | | 3,990,029 | | | 1,250,930 | | | -5,247,894 | | | 1,012,634 |
Non-controlling interest | | | 49,324 | | | 54,442 | | | 54,442 | | | -108,884 | | | 49,324 |
Total equity | | | 1,068,893 | | | 4,044,471 | | | 1,305,372 | | | -5,356,778 | | | 1,061,958 |
Total liabilities and shareholders’ equity | | $ | 5,202,973 | | $ | 5,125,757 | | $ | 2,464,442 | | $ | -7,094,588 | | $ | 5,698,584 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Financial Position |
September 30, 2013 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
ASSETS |
Current assets: | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 3,859 | | $ | 5,402 | | $ | 188,958 | | $ | — | | $ | 198,219 |
Receivables: | | | | | | | | | | | | | | | |
Trade accounts receivables, net of allowances | | | 47,959 | | | 94,231 | | | 339,123 | | | — | | | 481,313 |
Intercompany receivables | | | 183,277 | | | 687,923 | | | -116,811 | | | -752,928 | | | 1,461 |
Other | | | 2,914 | | | 11,250 | | | 51,456 | | | — | | | 65,620 |
Inventories | | | 80,333 | | | 159,767 | | | 400,119 | | | -7,296 | | | 632,923 |
Deferred income taxes | | | -13,939 | | | 23,429 | | | 21,680 | | | 1,789 | | | 32,959 |
Prepaid expenses and other | | | 20,373 | | | 4,662 | | | 33,996 | | | 3,750 | | | 62,781 |
Total current assets | | | 324,776 | | | 986,664 | | | 918,521 | | | -754,685 | | | 1,475,276 |
Property, plant and equipment, net | | | 116,738 | | | 47,487 | | | 248,326 | | | — | | | 412,551 |
Long term intercompany receivables | | | 30,618 | | | 144,567 | | | 61,737 | | | -236,922 | | | — |
Deferred charges and other | | | 6,386 | | | 1,647 | | | 18,017 | | | — | | | 26,050 |
Goodwill | | | 67,722 | | | 440,478 | | | 968,472 | | | — | | | 1,476,672 |
Intangible assets, net | | | 504,525 | | | 736,324 | | | 922,317 | | | — | | | 2,163,166 |
Debt issuance costs | | | 63,699 | | | — | | | 1,630 | | | — | | | 65,329 |
Investments in subsidiaries | | | 3,885,898 | | | 2,525,735 | | | 445 | | | -6,412,078 | | | — |
Total assets | | $ | 5,000,362 | | $ | 4,882,902 | | $ | 3,139,465 | | $ | -7,403,685 | | $ | 5,619,044 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
Current liabilities: | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 71,777 | | $ | 2,050 | | $ | 29,094 | | $ | — | | $ | 102,921 |
Accounts payable | | | 84,305 | | | 132,838 | | | 308,376 | | | — | | | 525,519 |
Intercompany accounts payable | | | 763,644 | | | 306,306 | | | 143,133 | | | -1,213,083 | | | — |
Accrued liabilities: | | | | | | | | | | | | | | | |
Wages and benefits | | | 12,102 | | | 12,137 | | | 57,817 | | | — | | | 82,056 |
Income taxes payable | | | 332 | | | -33 | | | 32,314 | | | — | | | 32,613 |
Accrued interest | | | 35,984 | | | — | | | 747 | | | — | | | 36,731 |
Other | | | 23,497 | | | 35,244 | | | 112,333 | | | — | | | 171,074 |
Total current liabilities | | | 991,641 | | | 488,542 | | | 683,814 | | | -1,213,083 | | | 950,914 |
Long-term debt, net of current maturities | | | 3,010,307 | | | 2,196 | | | 103,439 | | | — | | | 3,115,942 |
Long-term intercompany debt | | | 18,038 | | | 268,361 | | | -513,381 | | | 226,982 | | | — |
Employee benefit obligations, net of current portion | | | 21,351 | | | — | | | 75,261 | | | — | | | 96,612 |
Deferred income taxes | | | 7,021 | | | 237,474 | | | 248,279 | | | — | | | 492,774 |
Other | | | 12,130 | | | 431 | | | 16,318 | | | — | | | 28,879 |
Total liabilities | | | 4,060,488 | | | 997,004 | | | 613,730 | | | -986,101 | | | 4,685,121 |
Shareholders’ equity: | | | | | | | | | | | | | | | |
Other equity | | | 1,399,013 | | | 3,188,112 | | | 2,275,672 | | | -5,469,673 | | | 1,393,124 |
Accumulated (deficit) retained earnings | | | -469,886 | | | 673,714 | | | 221,089 | | | -894,803 | | | -469,886 |
Accumulated other comprehensive (deficit) income | | | -38,459 | | | -29,612 | | | -24,710 | | | 54,260 | | | -38,521 |
Total shareholders’ equity | | | 890,668 | | | 3,832,214 | | | 2,472,051 | | | -6,310,216 | | | 884,717 |
Non-controlling interest | | | 49,206 | | | 53,684 | | | 53,684 | | | -107,368 | | | 49,206 |
Total equity | | | 939,874 | | | 3,885,898 | | | 2,525,735 | | | -6,417,584 | | | 933,923 |
Total liabilities and shareholders’ equity | | $ | 5,000,362 | | $ | 4,882,902 | | $ | 3,139,465 | | $ | -7,403,685 | | $ | 5,619,044 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Operations |
Three Month Period Ended June 29, 2014 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net sales | | $ | 139,173 | | $ | 609,072 | | $ | 564,854 | | $ | -184,590 | | $ | 1,128,509 |
Cost of goods sold | | | 99,280 | | | 394,879 | | | 401,199 | | | -184,440 | | | 710,918 |
Restructuring and related charges | | | — | | | 319 | | | 235 | | | — | | | 554 |
Gross profit | | | 39,893 | | | 213,874 | | | 163,420 | | | -150 | | | 417,037 |
Operating expenses: | | | | | | | | | | | | | | | |
Selling | | | 17,912 | | | 71,390 | | | 82,697 | | | -158 | | | 171,841 |
General and administrative | | | 10,573 | | | 45,259 | | | 22,170 | | | -50 | | | 77,952 |
Research and development | | | 5,967 | | | 2,809 | | | 3,387 | | | — | | | 12,163 |
Acquisition and integration related charges | | | 1,040 | | | 3,135 | | | -1,504 | | | — | | | 2,671 |
Restructuring and related charges | | | 1,079 | | | 448 | | | 1,611 | | | — | | | 3,138 |
Total operating expense | | | 36,571 | | | 123,041 | | | 108,361 | | | -208 | | | 267,765 |
Operating (loss) income | | | 3,322 | | | 90,833 | | | 55,059 | | | 58 | | | 149,272 |
Interest expense | | | 39,162 | | | 66 | | | 8,131 | | | -15 | | | 47,344 |
Other (income) expense, net | | | -62,401 | | | -35,717 | | | 1,769 | | | 99,109 | | | 2,760 |
(Loss) income from continuing operations before income taxes | | | 26,561 | | | 126,484 | | | 45,159 | | | -99,036 | | | 99,168 |
Income tax expense | | | -52,053 | | | 64,138 | | | 8,291 | | | 178 | | | 20,554 |
Net (loss) income | | | 78,614 | | | 62,346 | | | 36,868 | | | -99,214 | | | 78,614 |
Less: Net loss attributable to non-controlling interest | | | 19 | | | 19 | | | 19 | | | -38 | | | 19 |
Net (loss) income attributable to controlling interest | | $ | 78,595 | | $ | 62,327 | | $ | 36,849 | | $ | -99,176 | | $ | 78,595 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Comprehensive Income |
Three Month Period Ended June 29, 2014 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net income | | $ | 78,614 | | $ | 62,346 | | $ | 36,868 | | $ | -99,214 | | $ | 78,614 |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | |
Foreign currency translation | | | 8,444 | | | 8,412 | | | 8,373 | | | -16,785 | | | 8,444 |
Unrealized gain on derivative instruments | | | -1,485 | | | -513 | | | -807 | | | 1,320 | | | -1,485 |
Defined benefit pension plans | | | 416 | | | 416 | | | 416 | | | -832 | | | 416 |
Other comprehensive (loss) income | | | 7,375 | | | 8,315 | | | 7,982 | | | -16,297 | | | 7,375 |
Comprehensive (loss) income | | | 85,989 | | | 70,661 | | | 44,850 | | | -115,511 | | | 85,989 |
Less: Comprehensive income attributable to non-controlling interest | | | 27 | | | 11 | | | 11 | | | -22 | | | 27 |
Comprehensive (loss) income attributable to controlling interest | | | 85,962 | | | 70,650 | | | 44,839 | | | -115,489 | | | 85,962 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Operations |
Three Month Period Ended June 29, 2013 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net sales | | $ | 138,746 | | $ | 344,883 | | $ | 870,895 | | $ | -264,699 | | $ | 1,089,825 |
Cost of goods sold | | | 103,974 | | | 226,763 | | | 638,178 | | | -262,862 | | | 706,053 |
Restructuring and related charges | | | — | | | 275 | | | 738 | | | — | | | 1,013 |
Gross profit | | | 34,772 | | | 117,845 | | | 231,979 | | | -1,837 | | | 382,759 |
Operating expenses: | | | | | | | | | | | | | | | |
Selling | | | 17,018 | | | 37,834 | | | 110,585 | | | -259 | | | 165,178 |
General and administrative | | | 16,446 | | | 20,108 | | | 33,503 | | | — | | | 70,057 |
Research and development | | | 4,806 | | | 2,490 | | | 4,190 | | | — | | | 11,486 |
Acquisition and integration related charges | | | 5,294 | | | 967 | | | 1,486 | | | — | | | 7,747 |
Restructuring and related charges | | | 3,415 | | | 2,856 | | | 5,961 | | | — | | | 12,232 |
| | | 46,979 | | | 64,255 | | | 155,725 | | | -259 | | | 266,700 |
Operating (loss) income | | | -12,207 | | | 53,590 | | | 76,254 | | | -1,578 | | | 116,059 |
Interest expense | | | 55,686 | | | 980 | | | 4,847 | | | 3 | | | 61,516 |
Other (income) expense, net | | | -87,536 | | | -54,320 | | | 2,714 | | | 141,755 | | | 2,613 |
(Loss) income from continuing operations before income taxes | | | 19,643 | | | 106,930 | | | 68,693 | | | -143,336 | | | 51,930 |
Income tax (benefit) expense | | | -17,118 | | | 16,666 | | | 15,637 | | | -16 | | | 15,169 |
Net (loss) income | | | 36,761 | | | 90,264 | | | 53,056 | | | -143,320 | | | 36,761 |
Less: Net income attributable to non-controlling interest | | | 263 | | | 263 | | | 263 | | | -526 | | | 263 |
Net (loss) income attributable to controlling interest | | $ | 36,498 | | $ | 90,001 | | $ | 52,793 | | $ | -142,794 | | $ | 36,498 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Comprehensive Income |
Three Month Period Ended June 30, 2013 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net (loss) income | | $ | 36,761 | | $ | 90,264 | | $ | 53,056 | | $ | -143,320 | | $ | 36,761 |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | |
Foreign currency translation | | | -7,830 | | | -7,834 | | | -8,113 | | | 15,947 | | | -7,830 |
Unrealized loss on derivative instruments | | | 1,780 | | | 1,926 | | | 1,926 | | | -3,852 | | | 1,780 |
Defined benefit pension gain (loss) | | | -52 | | | -52 | | | -52 | | | 104 | | | -52 |
Other comprehensive income | | | -6,102 | | | -5,960 | | | -6,239 | | | 12,199 | | | -6,102 |
Comprehensive (loss) income | | | 30,659 | | | 84,304 | | | 46,817 | | | -131,121 | | | 30,659 |
Less: Comprehensive income attributable to non-controlling interest | | | 263 | | | 263 | | | 263 | | | -526 | | | 263 |
Comprehensive (loss) income attributable to controlling interest | | | 30,396 | | | 84,041 | | | 46,554 | | | -130,595 | | | 30,396 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Operations |
Nine Month Period Ended June 29, 2014 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net sales | | $ | 455,040 | | $ | 1,559,742 | | $ | 1,827,275 | | $ | -591,260 | | $ | 3,250,797 |
Cost of goods sold | | | 324,407 | | | 1,044,540 | | | 1,310,502 | | | -589,848 | | | 2,089,601 |
Restructuring and related charges | | | — | | | 2,570 | | | 758 | | | — | | | 3,328 |
Gross profit | | | 130,633 | | | 512,632 | | | 516,015 | | | -1,412 | | | 1,157,868 |
Operating expenses: | | | | | | | | | | | | | | | |
Selling | | | 55,888 | | | 197,284 | | | 249,088 | | | -501 | | | 501,759 |
General and administrative | | | 34,877 | | | 123,378 | | | 67,054 | | | 37 | | | 225,346 |
Research and development | | | 16,117 | | | 9,236 | | | 9,904 | | | 1 | | | 35,258 |
Acquisition and integration related charges | | | 7,327 | | | 7,120 | | | 7 | | | 1 | | | 14,455 |
Restructuring and related charges | | | 6,921 | | | 2,740 | | | 3,004 | | | — | | | 12,665 |
| | | 121,130 | | | 339,758 | | | 329,057 | | | -462 | | | 789,483 |
Operating (loss) income | | | 9,503 | | | 172,874 | | | 186,958 | | | -950 | | | 368,385 |
Interest expense | | | 130,995 | | | 261 | | | 20,464 | | | 4 | | | 151,724 |
Other (income) expense, net | | | -152,367 | | | -128,807 | | | 2,475 | | | 283,089 | | | 4,390 |
(Loss) income from continuing operations before income taxes | | | 30,875 | | | 301,420 | | | 164,019 | | | -284,043 | | | 212,271 |
Income tax (benefit) expense | | | -137,555 | | | 147,966 | | | 33,359 | | | 71 | | | 43,841 |
Net (loss) income | | | 168,430 | | | 153,454 | | | 130,660 | | | -284,114 | | | 168,430 |
Less: Net loss attributable to non-controlling interest | | | 179 | | | 179 | | | 179 | | | -358 | | | 179 |
Net (loss) income attributable to controlling interest | | $ | 168,251 | | $ | 153,275 | | $ | 130,481 | | $ | -283,756 | | $ | 168,251 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Comprehensive Income |
Nine Month Period Ended June 29, 2014 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net (loss) income | | $ | 168,430 | | $ | 153,454 | | $ | 130,660 | | $ | -284,114 | | $ | 168,430 |
Other comprehensive (loss) income, net of tax: | | | | | | | | | | | | | | | |
Foreign currency translation | | | 5,594 | | | 5,604 | | | 6,009 | | | -11,613 | | | 5,594 |
Unrealized gain on derivative instruments | | | -1,595 | | | -901 | | | -797 | | | 1,698 | | | -1,595 |
Defined benefit pension loss | | | 525 | | | 525 | | | 525 | | | -1,050 | | | 525 |
Other comprehensive (loss) income | | | 4,524 | | | 5,228 | | | 5,737 | | | -10,965 | | | 4,524 |
Comprehensive (loss) income | | | 172,954 | | | 158,682 | | | 136,397 | | | -295,079 | | | 172,954 |
Less: Comprehensive loss attributable to non-controlling interest | | | 415 | | | 97 | | | 97 | | | -194 | | | 415 |
Comprehensive (loss) income attributable to controlling interest | | | 172,539 | | | 158,585 | | | 136,300 | | | -294,885 | | | 172,539 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Operations |
Nine Month Period Ended June 30, 2013 |
(Unaudited) |
(Amounts in thousands) |
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| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net sales | | $ | 466,600 | | $ | 868,542 | | $ | 2,256,031 | | $ | -643,324 | | $ | 2,947,849 |
Cost of goods sold | | | 340,769 | | | 590,325 | | | 1,656,965 | | | -638,727 | | | 1,949,332 |
Restructuring and related charges | | | — | | | 1,854 | | | 2,844 | | | — | | | 4,698 |
Gross profit | | | 125,831 | | | 276,363 | | | 596,222 | | | -4,597 | | | 993,819 |
Operating expenses: | | | | | | | | | | | | | | | |
Selling | | | 56,222 | | | 107,418 | | | 302,037 | | | -716 | | | 464,961 |
General and administrative | | | 51,182 | | | 56,660 | | | 88,216 | | | 19 | | | 196,077 |
Research and development | | | 13,330 | | | 7,424 | | | 10,763 | | | — | | | 31,517 |
Acquisition and integration related charges | | | 32,099 | | | 3,631 | | | 4,828 | | | — | | | 40,558 |
Restructuring and related charges | | | 3,877 | | | 9,195 | | | 9,966 | | | — | | | 23,038 |
| | | 156,710 | | | 184,328 | | | 415,810 | | | -697 | | | 756,151 |
Operating income | | | -30,879 | | | 92,035 | | | 180,412 | | | -3,900 | | | 237,668 |
Interest expense | | | 168,808 | | | 3,132 | | | 13,705 | | | 7 | | | 185,652 |
Other (income) expense, net | | | -170,869 | | | -121,518 | | | 7,531 | | | 292,797 | | | 7,941 |
(Loss) income from continuing operations before income taxes | | | -28,818 | | | 210,421 | | | 159,176 | | | -296,704 | | | 44,075 |
Income tax expense | | | -17,965 | | | 35,106 | | | 38,419 | | | -632 | | | 54,928 |
Net (loss) income | | $ | -10,853 | | $ | 175,315 | | $ | 120,757 | | $ | -296,072 | | $ | -10,853 |
Less: Net loss attributable to non-controlling interest | | $ | 8 | | $ | 8 | | $ | 8 | | $ | -16 | | $ | 8 |
Net (loss) income attributable to controlling interest | | $ | -10,861 | | $ | 175,307 | | $ | 120,749 | | $ | -296,056 | | $ | -10,861 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Comprehensive Income |
Nine Month Period Ended June 30, 2013 |
(Unaudited) |
(Amounts in thousands) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net (loss) income | | $ | -10,853 | | $ | 175,315 | | $ | 120,757 | | $ | -296,072 | | $ | -10,853 |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | |
Foreign currency translation | | | -25,385 | | | -25,457 | | | -25,817 | | | 51,274 | | | -25,385 |
Unrealized gain (loss) on derivative instruments | | | 2,858 | | | 4,209 | | | 4,209 | | | -8,418 | | | 2,858 |
Defined benefit pension gain | | | -348 | | | -347 | | | -347 | | | 694 | | | -348 |
Other comprehensive income | | | -22,875 | | | -21,595 | | | -21,955 | | | 43,550 | | | -22,875 |
Comprehensive (loss) income | | | -33,728 | | | 153,720 | | | 98,802 | | | -252,522 | | | -33,728 |
Less: Comprehensive loss attributable to non-controlling interest | | | 8 | | | 8 | | | 8 | | | -16 | | | 8 |
Comprehensive (loss) income attributable to controlling interest | | | -33,736 | | | 153,712 | | | 98,794 | | | -252,506 | | | -33,736 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Cash Flows |
Nine Month Period Ended June 29, 2014 |
(Unaudited) |
(Amounts in thousands) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net cash (used) provided by operating activities | | $ | 317,070 | | $ | -300,884 | | $ | -61,410 | | $ | -3,955 | | $ | -49,179 |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | | -17,053 | | | -18,588 | | | -15,297 | | | — | | | -50,938 |
Acquisition of Liquid Fence | | | — | | | -25,254 | | | — | | | — | | | -25,254 |
Proceeds from sales of property, plant and equipment | | | 7 | | | 55 | | | 9,029 | | | — | | | 9,091 |
Other investing activities | | | — | | | -239 | | | — | | | — | | | -239 |
Net cash used by investing activities | | | -17,046 | | | -44,026 | | | -6,268 | | | — | | | -67,340 |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
Proceeds from issuance of Term Loan | | | 214,877 | | | — | | | 308,781 | | | — | | | 523,658 |
Payment of senior credit facilities, excluding ABL revolving credit facility | | | -567,459 | | | — | | | — | | | — | | | -567,459 |
Debt issuance costs | | | -497 | | | — | | | -4,922 | | | — | | | -5,419 |
Other debt financing, net | | | — | | | — | | | 13,897 | | | — | | | 13,897 |
Reduction of other debt | | | — | | | — | | | -4,415 | | | — | | | -4,415 |
ABL revolving credit facility, net | | | 110,000 | | | — | | | — | | | — | | | 110,000 |
Cash dividends paid to parent | | | -42,021 | | | — | | | — | | | — | | | -42,021 |
Share based award tax withholding payments | | | -17,751 | | | -6,390 | | | -2,407 | | | — | | | -26,548 |
Proceeds from (advances related to) intercompany transactions | | | 1,251 | | | 347,615 | | | -352,821 | | | 3,955 | | | — |
Net cash provided (used) by financing activities | | | -301,600 | | | 341,225 | | | -41,887 | | | 3,955 | | | 1,693 |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | — | | | 6 | | | — | | | 6 |
Net (decrease) increase in cash and cash equivalents | | | -1,576 | | | -3,685 | | | -109,559 | | | — | | | -114,820 |
Cash and cash equivalents, beginning of period | | | 3,859 | | | 5,402 | | | 188,958 | | | — | | | 198,219 |
Cash and cash equivalents, end of period | | $ | 2,283 | | $ | 1,717 | | $ | 79,399 | | $ | — | | $ | 83,399 |
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SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Cash Flows |
Nine Month Period Ended June 30, 2013 |
(Unaudited) |
(Amounts in thousands) |
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | Parent | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net cash (used) provided by operating activities | | $ | -230,744 | | $ | 41,163 | | | 672,999 | | | -559,256 | | $ | -75,838 |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | | -14,857 | | | -5,958 | | | -24,421 | | | — | | | -45,236 |
Acquisition of Shaser, net of cash acquired | | | | | | | | | -42,510 | | | — | | | -42,510 |
Acquisition of the HHI Business, net of cash acquired | | | | | | -1,351,008 | | | | | | — | | | -1,351,008 |
Proceeds from sales of property, plant and equipment | | | | | | 160 | | | | | | — | | | 160 |
Other investing activities | | | 73 | | | -1,449 | | | 75 | | | — | | | -1,301 |
Net cash used by investing activities | | | -14,784 | | | -1,358,255 | | | -66,856 | | | — | | | -1,439,895 |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
Proceeds from issuance of Term Loan | | | 700,000 | | | — | | | 92,000 | | | — | | | 792,000 |
Proceeds from issuance of 6.375% Notes | | | 520,000 | | | — | | | — | | | — | | | 520,000 |
Proceeds from issuance of 6.625% Notes | | | 570,000 | | | — | | | — | | | — | | | 570,000 |
Payment of senior credit facilities, excluding ABL revolving credit facility | | | -406,904 | | | — | | | — | | | — | | | -406,904 |
Debt issuance costs | | | -42,333 | | | — | | | -2,136 | | | — | | | -44,469 |
Other debt financing, net | | | — | | | — | | | 17,080 | | | — | | | 17,080 |
Reduction of other debt | | | — | | | — | | | -1,970 | | | — | | | -1,970 |
ABL revolving credit facility, net | | | 69,500 | | | — | | | — | | | — | | | 69,500 |
Capital contribution from parent | | | 28,562 | | | — | | | — | | | — | | | 28,562 |
Cash dividends paid to parent | | | -61,842 | | | — | | | — | | | — | | | -61,842 |
Share based award tax withholding payments | | | -20,141 | | | — | | | — | | | — | | | -20,141 |
Advances related to intercompany transactions | | | -1,117,361 | | | 1,306,522 | | | -748,417 | | | 559,256 | | | — |
Net cash provided (used) by financing activities | | | 239,481 | | | 1,306,522 | | | -643,443 | | | 559,256 | | | 1,461,816 |
Effect of exchange rate changes on cash and cash equivalents due to Venezuela devaluation | | | — | | | — | | | -1,870 | | | — | | | -1,870 |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | — | | | -3,181 | | | — | | | -3,181 |
Net (decrease) increase in cash and cash equivalents | | | -6,047 | | | -10,570 | | | -42,351 | | | — | | | -58,968 |
Cash and cash equivalents, beginning of period | | | 6,729 | | | 13,302 | | | 137,841 | | | — | | | 157,872 |
Cash and cash equivalents, end of period | | $ | 682 | | $ | 2,732 | | $ | 95,490 | | $ | — | | $ | 98,904 |
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