Supplemental Guarantor and Parent Company Condensed Financial Information | 3 Months Ended | 12 Months Ended |
Mar. 28, 2014 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' |
Supplemental Guarantor and Parent Company Condensed Financial Information | ' | ' |
22. Supplemental Guarantor Condensed Financial Information | 22. Supplemental Guarantor Condensed Financial Information |
General Cable Corporation (“Parent Company”) and its U.S. 100% wholly-owned subsidiaries (“Guarantor Subsidiaries”) fully and unconditionally guarantee the $600.0 million of 5.75% Senior Notes due in 2022 and the $125.0 million of Senior Floating Rate Notes due in 2015 of the Parent Company on a joint and several basis. The following tables present financial information about the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries in millions. Intercompany transactions are eliminated in the “Eliminations” column of the Supplemental Guarantor Condensed Financial Information tables. | General Cable Corporation (“Parent Company”) and its U.S. 100% wholly-owned subsidiaries (“Guarantor Subsidiaries”) fully and unconditionally guarantee the $600.0 million of 5.75% Senior Notes due in 2022 and the $125.0 million of Senior Floating Rate Notes due in 2015 of the Parent Company on a joint and several basis. In December 2012, the Canadian Subsidiaries became Non-Guarantor Subsidiaries due to amendments of the Revolving Credit Facility; this effectively changed the Guarantor structure under the terms of the notes described above. The year ended December 31, 2011 Condensed Statements of Operations and Comprehensive Income (Loss) Information and Condensed Statements of Cash Flow Information have been recast to reflect the removal of the Canadian subsidiaries as guarantor subsidiaries. The Canadian subsidiaries are now reflected as non-guarantor subsidiaries. The following tables present financial information about the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries in millions. Intercompany transactions are eliminated in the “Eliminations” column of the Supplemental Guarantor Condensed Financial Information tables. |
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Condensed Statements of Operations and Comprehensive Income (Loss) Information | Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Three Fiscal Months Ended March 28, 2014 | Year Ended December 31, 2013 |
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| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Total | | | | | | | | | | Non- | | | | | | | |
Subsidiaries | Guarantor | | | | | | Guarantor | | | Guarantor | | | | | | | |
| Subsidiaries | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
Net sales: | | | | | | | | | | | | | | | | | | | | | Net sales: | | | | | | | | | | | | | | | | | | | | |
Customers | | $ | — | | | $ | 475.7 | | | $ | 954.4 | | | $ | — | | | $ | 1,430.10 | | Customers | | $ | — | | | $ | 2,233.00 | | | $ | 4,188.20 | | | $ | — | | | $ | 6,421.20 | |
Intercompany | | | 17.7 | | | | 81.6 | | | | 53.2 | | | | (152.5 | ) | | | — | | Intercompany | | | 56 | | | | 292 | | | | 281.4 | | | | (629.4 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 17.7 | | | | 557.3 | | | | 1,007.60 | | | | (152.5 | ) | | | 1,430.10 | | | | | 56 | | | | 2,525.00 | | | | 4,469.60 | | | | (629.4 | ) | | | 6,421.20 | |
Cost of sales | | | — | | | | 486.2 | | | | 946.6 | | | | (134.8 | ) | | | 1,298.00 | | Cost of sales | | | — | | | | 2,244.50 | | | | 4,046.40 | | | | (573.4 | ) | | | 5,717.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 17.7 | | | | 71.1 | | | | 61 | | | | (17.7 | ) | | | 132.1 | | Gross profit | | | 56 | | | | 280.5 | | | | 423.2 | | | | (56.0 | ) | | | 703.7 | |
Selling, general and administrative expenses | | | 14.8 | | | | 41.5 | | | | 82.1 | | | | (17.7 | ) | | | 120.7 | | Selling, general and administrative expenses | | | 43.4 | | | | 188.7 | | | | 315.9 | | | | (56.0 | ) | | | 492 | |
Goodwill impairment charge | | | — | | | | — | | | | 155.1 | | | | — | | | | 155.1 | | | | | | | | | | | | | | | | | | | | | | |
Indefinite-lived intangible asset impairment charge | | | — | | | | — | | | | 93.4 | | | | — | | | | 93.4 | | Operating income | | | 12.6 | | | | 91.8 | | | | 107.3 | | | | — | | | | 211.7 | |
| | | | | | | | | | | | | | | | | | | | | Other income (expense) | | | — | | | | (6.2 | ) | | | (60.5 | ) | | | — | | | | (66.7 | ) |
Operating income (loss) | | | 2.9 | | | | 29.6 | | | | (269.6 | ) | | | — | | | | (237.1 | ) | Interest income (expense): | | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | — | | | | (2.9 | ) | | | (94.8 | ) | | | — | | | | (97.7 | ) | Interest expense | | | (86.9 | ) | | | (110.7 | ) | | | (48.1 | ) | | | 120.8 | | | | (124.9 | ) |
Interest income (expense): | | | | | | | | | | | | | | | | | | | | | Interest income | | | 105.1 | | | | 15.2 | | | | 7.4 | | | | (120.8 | ) | | | 6.9 | |
Interest expense | | | (15.0 | ) | | | (16.7 | ) | | | (13.5 | ) | | | 17.8 | | | | (27.4 | ) | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 14.1 | | | | 3.7 | | | | 1.2 | | | | (17.8 | ) | | | 1.2 | | | | | 18.2 | | | | (95.5 | ) | | | (40.7 | ) | | | — | | | | (118.0 | ) |
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| | | (0.9 | ) | | | (13.0 | ) | | | (12.3 | ) | | | — | | | | (26.2 | ) | Income (loss) before income taxes | | | 30.8 | | | | (9.9 | ) | | | 6.1 | | | | — | | | | 27 | |
| | | | | | | | | | | | | | | | | | | | | Income tax (provision) benefit | | | (11.5 | ) | | | 13.8 | | | | (41.1 | ) | | | — | | | | (38.8 | ) |
Income (loss) before income taxes | | | 2 | | | | 13.7 | | | | (376.7 | ) | | | — | | | | (361.0 | ) | Equity in net earnings of affiliated companies and subsidiaries | | | (37.1 | ) | | | (41.0 | ) | | | 0.8 | | | | 79 | | | | 1.7 | |
Income tax (provision) benefit | | | (0.3 | ) | | | (0.9 | ) | | | 22.6 | | | | — | | | | 21.4 | | | | | | | | | | | | | | | | | | | | | | |
Equity in net earnings of affiliated companies and subsidiaries | | | (317.1 | ) | | | (329.9 | ) | | | 0.1 | | | | 647.1 | | | | 0.2 | | Net income (loss) including noncontrolling interest | | | (17.8 | ) | | | (37.1 | ) | | | (34.2 | ) | | | 79 | | | | (10.1 | ) |
| | | | | | | | | | | | | | | | | | | | | Less: preferred stock dividends | | | 0.3 | | | | — | | | | — | | | | — | | | | 0.3 | |
Net income (loss) including non-controlling interest | | | (315.4 | ) | | | (317.1 | ) | | | (354.0 | ) | | | 647.1 | | | | (339.4 | ) | Less: net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 7.7 | | | | — | | | | 7.7 | |
Less: net income (loss) attributable to non-controlling interest | | | — | | | | — | | | | (24.0 | ) | | | — | | | | (24.0 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to Company common shareholders | | $ | (18.1 | ) | | $ | (37.1 | ) | | $ | (41.9 | ) | | $ | 79 | | | $ | (18.1 | ) |
Net income (loss) attributable to Company common shareholders | | $ | (315.4 | ) | | $ | (317.1 | ) | | $ | (330.0 | ) | | $ | 647.1 | | | $ | (315.4 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | Net income (loss) | | $ | (17.8 | ) | | $ | (37.1 | ) | | $ | (34.2 | ) | | $ | 79 | | | $ | (10.1 | ) |
Net income (loss) | | $ | (315.4 | ) | | $ | (317.1 | ) | | $ | (354.0 | ) | | $ | 647.1 | | | $ | (339.4 | ) | Currency translation gain (loss) | | | (39.2 | ) | | | (39.2 | ) | | | (55.8 | ) | | | 87.3 | | | | (46.9 | ) |
Currency translation gain (loss) | | | (9.8 | ) | | | (9.8 | ) | | | (8.1 | ) | | | 16.9 | | | | (10.8 | ) | Defined benefit plan adjustments, net of tax | | | 31.8 | | | | 31.8 | | | | 12.3 | | | | (43.9 | ) | | | 32 | |
Defined benefit plan adjustments, net of tax | | | 0.9 | | | | 0.9 | | | | 0.2 | | | | (1.1 | ) | | | 0.9 | | Change in fair value of derivatives, net of tax | | | (0.1 | ) | | | (0.1 | ) | | | 0.3 | | | | 0.2 | | | | 0.3 | |
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Comprehensive income (loss), net of tax | | | (324.3 | ) | | | (326.0 | ) | | | (361.9 | ) | | | 662.9 | | | | (349.3 | ) | Comprehensive income (loss), net of tax | | | (25.3 | ) | | | (44.6 | ) | | | (77.4 | ) | | | 122.6 | | | | (24.7 | ) |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | | | — | | | | — | | | | (25.0 | ) | | | — | | | | (25.0 | ) | Comprehensive income (loss) attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | 0.6 | | | | — | | | | 0.6 | |
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Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | | $ | (324.3 | ) | | $ | (326.0 | ) | | $ | (336.9 | ) | | $ | 662.9 | | | $ | (324.3 | ) | Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | | $ | (25.3 | ) | | $ | (44.6 | ) | | $ | (78.0 | ) | | $ | 122.6 | | | $ | (25.3 | ) |
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Condensed Statements of Operations and Comprehensive Income (Loss) Information | Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Three Fiscal Months Ended March 29, 2013 | Year Ended December 31, 2012 |
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| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Total | | | | | | | | | | Non- | | | | | | | |
Subsidiaries | Guarantor | | | | | | Guarantor | | | Guarantor | | | | | | | |
| Subsidiaries | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
Net sales: | | | | | | | | | | | | | | | | | | | | | Net sales: | | | | | | | | | | | | | | | | | | | | |
Customers | | $ | — | | | $ | 610.2 | | | $ | 933.5 | | | $ | — | | | $ | 1,543.70 | | Customers | | $ | — | | | $ | 2,015.80 | | | $ | 4,043.70 | | | $ | — | | | $ | 6,059.50 | |
Intercompany | | | 13.8 | | | | 42.2 | | | | 103.4 | | | | (159.4 | ) | | | — | | Intercompany | | | 54.4 | | | | 150.3 | | | | 320.6 | | | | (525.3 | ) | | | — | |
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| | | 13.8 | | | | 652.4 | | | | 1,036.90 | | | | (159.4 | ) | | | 1,543.70 | | | | | 54.4 | | | | 2,166.10 | | | | 4,364.30 | | | | (525.3 | ) | | | 6,059.50 | |
Cost of sales | | | — | | | | 574.4 | | | | 958 | | | | (145.6 | ) | | | 1,386.80 | | Cost of sales | | | — | | | | 1,903.60 | | | | 4,001.90 | | | | (470.9 | ) | | | 5,434.60 | |
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Gross profit | | | 13.8 | | | | 78 | | | | 78.9 | | | | (13.8 | ) | | | 156.9 | | Gross profit | | | 54.4 | | | | 262.5 | | | | 362.4 | | | | (54.4 | ) | | | 624.9 | |
Selling, general and administrative expenses | | | 10.9 | | | | 49.7 | | | | 77.3 | | | | (13.8 | ) | | | 124.1 | | Selling, general and administrative expenses | | | 41.5 | | | | 150.6 | | | | 287.8 | | | | (54.4 | ) | | | 425.5 | |
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Operating income (loss) | | | 2.9 | | | | 28.3 | | | | 1.6 | | | | — | | | | 32.8 | | Operating income | | | 12.9 | | | | 111.9 | | | | 74.6 | | | | — | | | | 199.4 | |
Other income (expense) | | | — | | | | (1.3 | ) | | | (51.4 | ) | | | — | | | | (52.7 | ) | Other income (expense) | | | — | | | | — | | | | (2.9 | ) | | | — | | | | (2.9 | ) |
Interest income (expense): | | | | | | | | | | | | | | | | | | | | | Interest income (expense): | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (20.9 | ) | | | (26.9 | ) | | | (11.3 | ) | | | 29.6 | | | | (29.5 | ) | Interest expense | | | (70.6 | ) | | | (96.1 | ) | | | (48.0 | ) | | | 107.9 | | | | (106.8 | ) |
Interest income | | | 25.9 | | | | 3.5 | | | | 1.7 | | | | (29.6 | ) | | | 1.5 | | Interest income | | | 91.6 | | | | 15.5 | | | | 7.3 | | | | (107.9 | ) | | | 6.5 | |
| | | | | | | | | | | | | | | | | | | | | Loss on extinguishment of debt | | | (9.3 | ) | | | — | | | | — | | | | — | | | | (9.3 | ) |
| | | 5 | | | | (23.4 | ) | | | (9.6 | ) | | | — | | | | (28.0 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | 11.7 | | | | (80.6 | ) | | | (40.7 | ) | | | — | | | | (109.6 | ) |
Income (loss) before income taxes | | | 7.9 | | | | 3.6 | | | | (59.4 | ) | | | — | | | | (47.9 | ) | | | | | | | | | | | | | | | | | | | | | |
Income tax (provision) benefit | | | (3.0 | ) | | | (2.0 | ) | | | 8.8 | | | | — | | | | 3.8 | | Income (loss) before income taxes | | | 24.6 | | | | 31.3 | | | | 31 | | | | — | | | | 86.9 | |
Equity in net earnings of affiliated companies and subsidiaries | | | (50.6 | ) | | | (52.2 | ) | | | 0.1 | | | | 102.9 | | | | 0.2 | | Income tax (provision) benefit | | | (10.9 | ) | | | (11.0 | ) | | | (56.7 | ) | | | — | | | | (78.6 | ) |
| | | | | | | | | | | | | | | | | | | | | Equity in net earnings of affiliated companies and subsidiaries | | | (9.4 | ) | | | (29.7 | ) | | | 1.2 | | | | 39.6 | | | | 1.7 | |
Net income (loss) including non-controlling interest | | | (45.7 | ) | | | (50.6 | ) | | | (50.5 | ) | | | 102.9 | | | | (43.9 | ) | | | | | | | | | | | | | | | | | | | | | |
Less: preferred stock dividends | | | 0.1 | | | | — | | | | — | | | | — | | | | 0.1 | | Net income (loss) including noncontrolling interest | | | 4.3 | | | | (9.4 | ) | | | (24.5 | ) | | | 39.6 | | | | 10 | |
Less: net income (loss) attributable to non-controlling interest | | | — | | | | — | | | | 1.8 | | | | — | | | | 1.8 | | Less: preferred stock dividends | | | 0.3 | | | | — | | | | — | | | | — | | | | 0.3 | |
| | | | | | | | | | | | | | | | | | | | | Less: net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 5.7 | | | | — | | | | 5.7 | |
Net income (loss) attributable to Company common shareholders | | $ | (45.8 | ) | | $ | (50.6 | ) | | $ | (52.3 | ) | | $ | 102.9 | | | $ | (45.8 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to Company common shareholders | | $ | 4 | | | $ | (9.4 | ) | | $ | (30.2 | ) | | $ | 39.6 | | | $ | 4 | |
Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (45.7 | ) | | $ | (50.6 | ) | | $ | (50.5 | ) | | $ | 102.9 | | | $ | (43.9 | ) | Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Currency translation gain (loss) | | | (4.2 | ) | | | (4.2 | ) | | | 5.7 | | | | (0.9 | ) | | | (3.6 | ) | Net income (loss) | | $ | 4.3 | | | $ | (9.4 | ) | | $ | (24.5 | ) | | $ | 39.6 | | | $ | 10 | |
Defined benefit plan adjustments, net of tax | | | 2.7 | | | | 2.7 | | | | 0.3 | | | | (3.0 | ) | | | 2.7 | | Currency translation gain (loss) | | | 8.4 | | | | 7.6 | | | | 5.1 | | | | (11.2 | ) | | | 9.9 | |
Change in fair value of derivatives, net of tax | | | (0.6 | ) | | | (0.6 | ) | | | — | | | | 0.7 | | | | (0.5 | ) | Defined benefit plan adjustments, net of tax | | | (21.4 | ) | | | (21.4 | ) | | | (20.0 | ) | | | 41.5 | | | | (21.3 | ) |
| | | | | | | | | | | | | | | | | | | | | Change in fair value of derivatives, net of tax | | | 5.8 | | | | 5.8 | | | | 2.8 | | | | (8.4 | ) | | | 6 | |
Comprehensive income (loss), net of tax | | | (47.8 | ) | | | (52.7 | ) | | | (44.5 | ) | | | 99.7 | | | | (45.3 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive income (loss), net of tax | | | (2.9 | ) | | | (17.4 | ) | | | (36.6 | ) | | | 61.5 | | | | 4.6 | |
Comprehensive income (loss) attributable to non-controlling interest, net of tax | | | — | | | | — | | | | 2.5 | | | | — | | | | 2.5 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive income (loss) attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | 7.5 | | | | — | | | | 7.5 | |
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | | $ | (47.8 | ) | | $ | (52.7 | ) | | $ | (47.0 | ) | | $ | 99.7 | | | $ | (47.8 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | | $ | (2.9 | ) | | $ | (17.4 | ) | | $ | (44.1 | ) | | $ | 61.5 | | | $ | (2.9 | ) |
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Condensed Balance Sheets Information | |
March 28, 2014 | Condensed Statement of Operations and Comprehensive Income (Loss) Information |
| Year Ended December 31, 2011 |
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| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Total | | | | | | | | | | | | | | | | | | | | | | |
Subsidiaries | Guarantor | | | | | | | | | Non- | | | | | | | |
| Subsidiaries | | | | | | Guarantor | | | Guarantor | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
Current assets: | | | | | | | | | | | | | | | | | | | | | Net sales: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 2 | | | $ | 313.8 | | | $ | — | | | $ | 315.8 | | Customers | | $ | — | | | $ | 1,857.00 | | | $ | 3,951.20 | | | $ | — | | | $ | 5,808.20 | |
Receivables, net of allowances | | | — | | | | 262.9 | | | | 937.4 | | | | — | | | | 1,200.30 | | Intercompany | | | 55.9 | | | | 116.4 | | | | 204.9 | | | | (377.2 | ) | | | — | |
Inventories, net | | | — | | | | 492.6 | | | | 835.7 | | | | — | | | | 1,328.30 | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | — | | | | 23.1 | | | | 26.8 | | | | — | | | | 49.9 | | | | | 55.9 | | | | 1,973.40 | | | | 4,156.10 | | | | (377.2 | ) | | | 5,808.20 | |
Prepaid expenses and other | | | 1.9 | | | | 29.2 | | | | 87.1 | | | | — | | | | 118.2 | | Cost of sales | | | — | | | | 1,742.50 | | | | 3,792.70 | | | | (321.3 | ) | | | 5,213.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 1.9 | | | | 809.8 | | | | 2,200.80 | | | | — | | | | 3,012.50 | | Gross profit | | | 55.9 | | | | 230.9 | | | | 363.4 | | | | (55.9 | ) | | | 594.3 | |
Property, plant and equipment, net | | | 0.6 | | | | 226.4 | | | | 849.1 | | | | — | | | | 1,076.10 | | Selling, general and administrative expenses | | | 44.6 | | | | 130.7 | | | | 260.3 | | | | (55.9 | ) | | | 379.7 | |
Deferred income taxes | | | — | | | | — | | | | 15.8 | | | | — | | | | 15.8 | | | | | | | | | | | | | | | | | | | | | | |
Intercompany accounts | | | 1,284.60 | | | | 519.5 | | | | 44.8 | | | | (1,848.9 | ) | | | — | | Operating income | | | 11.3 | | | | 100.2 | | | | 103.1 | | | | — | | | | 214.6 | |
Investment in subsidiaries | | | 724.4 | | | | 1,008.40 | | | | — | | | | (1,732.8 | ) | | | — | | Other income (expense) | | | (0.1 | ) | | | (0.2 | ) | | | (31.4 | ) | | | — | | | | (31.7 | ) |
Goodwill | | | — | | | | 13.8 | | | | 13.4 | | | | — | | | | 27.2 | | Interest income (expense): | | | | | | | | | | | | | | | | | | | | |
Intangible assets, net | | | — | | | | 15.1 | | | | 69.4 | | | | — | | | | 84.5 | | Interest expense | | | (63.0 | ) | | | (91.6 | ) | | | (48.9 | ) | | | 104.3 | | | | (99.2 | ) |
Unconsolidated affiliated companies | | | — | | | | 7.9 | | | | 10.9 | | | | — | | | | 18.8 | | Interest income | | | 88.6 | | | | 15 | | | | 8.4 | | | | (104.3 | ) | | | 7.7 | |
Other non-current assets | | | 13.3 | | | | 33.6 | | | | 26.7 | | | | — | | | | 73.6 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | 25.6 | | | | (76.6 | ) | | | (40.5 | ) | | | — | | | | (91.5 | ) |
Total assets | | $ | 2,024.80 | | | $ | 2,634.50 | | | $ | 3,230.90 | | | $ | (3,581.7 | ) | | $ | 4,308.50 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Income (loss) before income taxes | | | 36.8 | | | | 23.4 | | | | 31.2 | | | | — | | | | 91.4 | |
Liabilities and Total Equity | | | | | | | | | | | | | | | | | | | | | Income tax (provision) benefit | | | (15.8 | ) | | | 2.6 | | | | (25.4 | ) | | | — | | | | (38.6 | ) |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | Equity in net earnings of affiliated companies and subsidiaries | | | 33.8 | | | | 7.8 | | | | 2.6 | | | | (41.3 | ) | | | 2.9 | |
Accounts payable | | $ | — | | | $ | 170.9 | | | $ | 804.2 | | | $ | — | | | $ | 975.1 | | | | | | | | | | | | | | | | | | | | | | |
Accrued liabilities | | | 27.1 | | | | 85.6 | | | | 289.9 | | | | — | | | | 402.6 | | Net income (loss) including noncontrolling interest | | | 54.8 | | | | 33.8 | | | | 8.4 | | | | (41.3 | ) | | | 55.7 | |
Current portion of long-term debt | | | — | | | | — | | | | 285.6 | | | | — | | | | 285.6 | | Less: preferred stock dividends | | | 0.3 | | | | — | | | | — | | | | — | | | | 0.3 | |
| | | | | | | | | | | | | | | | | | | | | Less: net income (loss) attributable to noncontrolling interest | | | — | | | | — | | | | 0.9 | | | | — | | | | 0.9 | |
Total current liabilities | | | 27.1 | | | | 256.5 | | | | 1,379.70 | | | | — | | | | 1,663.30 | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 902.4 | | | | 264.4 | | | | 15.6 | | | | — | | | | 1,182.40 | | Net income (loss) attributable to Company common shareholders | | $ | 54.5 | | | $ | 33.8 | | | $ | 7.5 | | | $ | (41.3 | ) | | $ | 54.5 | |
Deferred income taxes | | | 175.4 | | | | (18.0 | ) | | | 58.2 | | | | — | | | | 215.6 | | | | | | | | | | | | | | | | | | | | | | |
Intercompany accounts | | | — | | | | 1,327.40 | | | | 521.5 | | | | (1,848.9 | ) | | | — | | Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Other liabilities | | | 1.2 | | | | 79.8 | | | | 156.2 | | | | — | | | | 237.2 | | Net income (loss) | | $ | 54.8 | | | $ | 33.8 | | | $ | 8.4 | | | $ | (41.3 | ) | | $ | 55.7 | |
| | | | | | | | | | | | | | | | | | | | | Currency translation gain (loss) | | | (57.1 | ) | | | (56.6 | ) | | | (51.8 | ) | | | 104.9 | | | | (60.6 | ) |
Total liabilities | | | 1,106.10 | | | | 1,910.10 | | | | 2,131.20 | | | | (1,848.9 | ) | | | 3,298.50 | | Defined benefit plan adjustments, net of tax | | | (15.6 | ) | | | (15.6 | ) | | | (3.0 | ) | | | 16.2 | | | | (18.0 | ) |
Redeemable non-controlling interest | | | — | | | | — | | | | 16.7 | | | | — | | | | 16.7 | | Change in fair value of derivatives, net of tax | | | (37.5 | ) | | | (37.5 | ) | | | (33.8 | ) | | | 71.2 | | | | (37.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Company shareholders’ equity | | | 918.7 | | | | 724.4 | | | | 1,008.40 | | | | (1,732.8 | ) | | | 918.7 | | Comprehensive income (loss), net of tax | | | (55.4 | ) | | | (75.9 | ) | | | (80.2 | ) | | | 151 | | | | (60.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlling interest | | | — | | | | — | | | | 74.6 | | | | — | | | | 74.6 | | Comprehensive income (loss) attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | (5.1 | ) | | | — | | | | (5.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 2,024.80 | | | $ | 2,634.50 | | | $ | 3,230.90 | | | $ | (3,581.7 | ) | | $ | 4,308.50 | | Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | | $ | (55.4 | ) | | $ | (75.9 | ) | | $ | (75.1 | ) | | $ | 151 | | | $ | (55.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Condensed Balance Sheets Information | Condensed Balance Sheet Information |
December 31, 2013 | December 31, 2013 |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Total | | | | | | | | | | Non- | | | | | | | |
Subsidiaries | Guarantor | | | | | | Guarantor | | | Guarantor | | | | | | | |
| Subsidiaries | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
Assets | | | | | | | | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.2 | | | $ | 2.2 | | | $ | 416.4 | | | $ | — | | | $ | 418.8 | | Cash | | $ | 0.2 | | | $ | 2.2 | | | $ | 416.4 | | | $ | — | | | $ | 418.8 | |
Receivables, net of allowances | | | — | | | | 258.5 | | | | 913.2 | | | | — | | | | 1,171.70 | | Receivables, net of allowances | | | — | | | | 258.5 | | | | 913.2 | | | | — | | | | 1,171.70 | |
Inventories, net | | | — | | | | 438 | | | | 801.6 | | | | — | | | | 1,239.60 | | Inventories | | | — | | | | 438 | | | | 801.6 | | | | — | | | | 1,239.60 | |
Deferred income taxes | | | — | | | | 23.3 | | | | 26.9 | | | | — | | | | 50.2 | | Deferred income taxes | | | — | | | | 23.3 | | | | 26.9 | | | | — | | | | 50.2 | |
Prepaid expenses and other | | | 1.9 | | | | 32.7 | | | | 91.6 | | | | — | | | | 126.2 | | Prepaid expenses and other | | | 1.9 | | | | 32.7 | | | | 91.6 | | | | — | | | | 126.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 2.1 | | | | 754.7 | | | | 2,249.70 | | | | — | | | | 3,006.50 | | Total current assets | | | 2.1 | | | | 754.7 | | | | 2,249.70 | | | | — | | | | 3,006.50 | |
Property, plant and equipment, net | | | 0.6 | | | | 231.9 | | | | 859.5 | | | | — | | | | 1,092.00 | | Property, plant and equipment, net | | | 0.6 | | | | 231.9 | | | | 859.5 | | | | — | | | | 1,092.00 | |
Deferred income taxes | | | — | | | | — | | | | 15.8 | | | | — | | | | 15.8 | | Deferred income taxes | | | — | | | | — | | | | 15.8 | | | | — | | | | 15.8 | |
Intercompany accounts | | | 1,305.50 | | | | 507.7 | | | | 35.8 | | | | (1,849.0 | ) | | | — | | Intercompany accounts | | | 1,305.50 | | | | 507.7 | | | | 35.8 | | | | (1,849.0 | ) | | | — | |
Investment in subsidiaries | | | 1,050.40 | | | | 1,332.30 | | | | — | | | | (2,382.7 | ) | | | — | | Investment in subsidiaries | | | 1,050.40 | | | | 1,332.30 | | | | — | | | | (2,382.7 | ) | | | — | |
Goodwill | | | — | | | | 13.7 | | | | 170.9 | | | | — | | | | 184.6 | | Goodwill | | | — | | | | 13.7 | | | | 170.9 | | | | — | | | | 184.6 | |
Intangible assets, net | | | — | | | | 15.5 | | | | 167.4 | | | | — | | | | 182.9 | | Intangible assets, net | | | — | | | | 15.5 | | | | 167.4 | | | | — | | | | 182.9 | |
Unconsolidated affiliated companies | | | — | | | | 8 | | | | 11 | | | | — | | | | 19 | | Unconsolidated affiliated companies | | | — | | | | 8 | | | | 11 | | | | — | | | | 19 | |
Other non-current assets | | | 13.7 | | | | 33.8 | | | | 30.6 | | | | — | | | | 78.1 | | Other non-current assets | | | 13.7 | | | | 33.8 | | | | 30.6 | | | | — | | | | 78.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | | Total assets | | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Total Equity | | | | | | | | | | | | | | | | | | | | | Liabilities and Total Equity | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 118.5 | | | $ | 752.1 | | | $ | — | | | $ | 870.6 | | Accounts payable | | $ | — | | | $ | 118.5 | | | $ | 752.1 | | | $ | — | | | $ | 870.6 | |
Accrued liabilities | | | 13.8 | | | | 103.9 | | | | 317.2 | | | | — | | | | 434.9 | | Accrued liabilities | | | 13.8 | | | | 103.9 | | | | 317.2 | | | | — | | | | 434.9 | |
Current portion of long-term debt | | | — | | | | — | | | | 250.3 | | | | — | | | | 250.3 | | Current portion of long-term debt | | | — | | | | — | | | | 250.3 | | | | — | | | | 250.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 13.8 | | | | 222.4 | | | | 1,319.60 | | | | — | | | | 1,555.80 | | Total current liabilities | | | 13.8 | | | | 222.4 | | | | 1,319.60 | | | | — | | | | 1,555.80 | |
Long-term debt | | | 902 | | | | 225 | | | | 9.6 | | | | — | | | | 1,136.60 | | Long-term debt | | | 902 | | | | 225 | | | | 9.6 | | | | — | | | | 1,136.60 | |
Deferred income taxes | | | 175.2 | | | | (19.4 | ) | | | 78 | | | | — | | | | 233.8 | | Deferred income taxes | | | 175.2 | | | | (19.4 | ) | | | 78 | | | | — | | | | 233.8 | |
Intercompany accounts | | | — | | | | 1,339.70 | | | | 509.3 | | | | (1,849.0 | ) | | | — | | Intercompany accounts | | | — | | | | 1,339.70 | | | | 509.3 | | | | (1,849.0 | ) | | | — | |
Other liabilities | | | 1.1 | | | | 79.5 | | | | 175.3 | | | | — | | | | 255.9 | | Other liabilities | | | 1.1 | | | | 79.5 | | | | 175.3 | | | | — | | | | 255.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,092.10 | | | | 1,847.20 | | | | 2,091.80 | | | | (1,849.0 | ) | | | 3,182.10 | | Total liabilities | | | 1,092.10 | | | | 1,847.20 | | | | 2,091.80 | | | | (1,849.0 | ) | | | 3,182.10 | |
Redeemable non-controlling interest | | | — | | | | — | | | | 17 | | | | — | | | | 17 | | Redeemable noncontrolling interest | | | — | | | | — | | | | 17 | | | | — | | | | 17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Company shareholders’ equity | | | 1,280.20 | | | | 1,050.40 | | | | 1,332.30 | | | | (2,382.7 | ) | | | 1,280.20 | | Total Company shareholders’ equity | | | 1,280.20 | | | | 1,050.40 | | | | 1,332.30 | | | | (2,382.7 | ) | | | 1,280.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlling interest | | | — | | | | — | | | | 99.6 | | | | — | | | | 99.6 | | Noncontrolling interest | | | — | | | | — | | | | 99.6 | | | | — | | | | 99.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | | Total liabilities and equity | | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Condensed Statements of Cash Flows Information | Condensed Balance Sheet Information |
Three Fiscal Months Ended March 28, 2014 | December 31, 2012 |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Total | | | | | | | | | | Non- | | | | | | | |
Subsidiaries | Guarantor | | | | | | Guarantor | | | Guarantor | | | | | | | |
| Subsidiaries | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
Net cash flows of operating activities | | $ | 15.6 | | | $ | 8.3 | | | $ | (59.4 | ) | | $ | — | | | $ | (35.5 | ) | Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash flows of investing activities: | | | | | | | | | | | | | | | | | | | | | Cash | | $ | 65.3 | | | $ | 44.2 | | | $ | 512.8 | | | $ | — | | | $ | 622.3 | |
Capital expenditures | | | — | | | | (7.9 | ) | | | (19.1 | ) | | | — | | | | (27.0 | ) | Receivables, net of allowances | | | — | | | | 277.6 | | | | 904.5 | | | | — | | | | 1,182.10 | |
Proceeds from properties sold | | | — | | | | 0.2 | | | | — | | | | — | | | | 0.2 | | Inventories | | | — | | | | 460 | | | | 813.6 | | | | — | | | | 1,273.60 | |
Other | | | — | | | | (6.0 | ) | | | 6.1 | | | | — | | | | 0.1 | | Deferred income taxes | | | — | | | | 24.4 | | | | 15.1 | | | | — | | | | 39.5 | |
| | | | | | | | | | | | | | | | | | | | | Prepaid expenses and other | | | 2.3 | | | | 20.9 | | | | 109.8 | | | | — | | | | 133 | |
Net cash flows of investing activities | | | — | | | | (13.7 | ) | | | (13.0 | ) | | | — | | | | (26.7 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total current assets | | | 67.6 | | | | 827.1 | | | | 2,355.80 | | | | — | | | | 3,250.50 | |
Cash flows of financing activities: | | | | | | | | | | | | | | | | | | | | | Property, plant and equipment, net | | | 0.4 | | | | 238.2 | | | | 955.3 | | | | — | | | | 1,193.90 | |
Dividends paid to shareholders | | | (9.0 | ) | | | — | | | | — | | | | — | | | | (9.0 | ) | Deferred income taxes | | | — | | | | — | | | | 12.8 | | | | — | | | | 12.8 | |
Intercompany accounts | | | 23.8 | | | | (31.7 | ) | | | 7.9 | | | | — | | | | — | | Intercompany accounts | | | 1,566.70 | | | | 491 | | | | 40.2 | | | | (2,097.9 | ) | | | — | |
Proceeds from other debt | | | — | | | | 308.6 | | | | 292.4 | | | | — | | | | 601 | | Investment in subsidiaries | | | 1,086.90 | | | | 1,367.40 | | | | — | | | | (2,454.3 | ) | | | — | |
Repayments of other debt | | | — | | | | (269.3 | ) | | | (242.6 | ) | | | — | | | | (511.9 | ) | Goodwill | | | — | | | | 15 | | | | 172.6 | | | | — | | | | 187.6 | |
Repurchase of common shares | | | (30.7 | ) | | | — | | | | — | | | | | | | | (30.7 | ) | Intangible assets, net | | | — | | | | 17.7 | | | | 185.2 | | | | — | | | | 202.9 | |
Proceeds from exercise of stock options | | | 0.1 | | | | — | | | | — | | | | — | | | | 0.1 | | Unconsolidated affiliated companies | | | — | | | | 7.3 | | | | 11.6 | | | | — | | | | 18.9 | |
| | | | | | | | | | | | | | | | | | | | | Other non-current assets | | | 15.3 | | | | 26.4 | | | | 24.3 | | | | — | | | | 66 | |
Net cash flows of financing activities | | | (15.8 | ) | | | 7.6 | | | | 57.7 | | | | — | | | | 49.5 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total assets | | $ | 2,736.90 | | | $ | 2,990.10 | | | $ | 3,757.80 | | | $ | (4,552.2 | ) | | $ | 4,932.60 | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | (2.4 | ) | | | (87.9 | ) | | | — | | | | (90.3 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Liabilities and Total Equity | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | (0.2 | ) | | | (0.2 | ) | | | (102.6 | ) | | | — | | | | (103.0 | ) | Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents — beginning of period | | | 0.2 | | | | 2.2 | | | | 416.4 | | | | — | | | | 418.8 | | Accounts payable | | $ | — | | | $ | 103.8 | | | $ | 899.2 | | | $ | — | | | $ | 1,003.00 | |
| | | | | | | | | | | | | | | | | | | | | Accrued liabilities | | | 12.1 | | | | 109.1 | | | | 374.9 | | | | — | | | | 496.1 | |
Cash and cash equivalents — end of period | | $ | — | | | $ | 2 | | | $ | 313.8 | | | $ | — | | | $ | 315.8 | | Current portion of long-term debt | | | 334.6 | | | | — | | | | 176.6 | | | | — | | | | 511.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total current liabilities | | | 346.7 | | | | 212.9 | | | | 1,450.70 | | | | — | | | | 2,010.30 | |
Condensed Statements of Cash Flows Information | Long-term debt | | | 900.5 | | | | — | | | | 38.4 | | | | — | | | | 938.9 | |
Three Fiscal Months Ended March 29, 2013 | Deferred income taxes | | | 156.9 | | | | (18.2 | ) | | | 85.2 | | | | — | | | | 223.9 | |
| Intercompany accounts | | | — | | | | 1,606.90 | | | | 491 | | | | (2,097.9 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | Other liabilities | | | 1.1 | | | | 101.6 | | | | 190 | | | | — | | | | 292.7 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Total | | | | | | | | | | | | | | | | | | | | | | |
Subsidiaries | Guarantor | Total liabilities | | | 1,405.20 | | | | 1,903.20 | | | | 2,255.30 | | | | (2,097.9 | ) | | | 3,465.80 | |
| Subsidiaries | Redeemable noncontrolling interest | | | — | | | | — | | | | 18.6 | | | | — | | | | 18.6 | |
Net cash flows of operating activities | | $ | 31.9 | | | $ | (63.9 | ) | | $ | (148.0 | ) | | $ | — | | | $ | (180.0 | ) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Total Company shareholders’ equity | | | 1,331.70 | | | | 1,086.90 | | | | 1,367.40 | | | | (2,454.3 | ) | | | 1,331.70 | |
Cash flows of investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (8.0 | ) | | | (18.7 | ) | | | — | | | | (26.7 | ) | Noncontrolling interest | | | — | | | | — | | | | 116.5 | | | | — | | | | 116.5 | |
Proceeds from properties sold | | | — | | | | 0.1 | | | | — | | | | — | | | | 0.1 | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | — | | | | — | | | | — | | | | — | | | | — | | Total liabilities and equity | | $ | 2,736.90 | | | $ | 2,990.10 | | | $ | 3,757.80 | | | $ | (4,552.2 | ) | | $ | 4,932.60 | |
Other | | | — | | | | (4.5 | ) | | | 4.7 | | | | — | | | | 0.2 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Net cash flows of investing activities | | | — | | | | (12.4 | ) | | | (14.0 | ) | | | — | | | | (26.4 | ) | Condensed Statement of Cash Flows Information |
| | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 |
Cash flows of financing activities: | | | | | | | | | | | | | | | | | |
Dividends paid to shareholders | | | (0.1 | ) | | | — | | | | — | | | | — | | | | (0.1 | ) | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits (deficiencies) from stock-based compensation | | | 0.1 | | | | — | | | | — | | | | — | | | | 0.1 | | | | | | | | | | Non- | | | | | | | |
Intercompany accounts | | | (40.4 | ) | | | 65.1 | | | | (24.7 | ) | | | — | | | | — | | | | | | | Guarantor | | | Guarantor | | | | | | | |
Proceeds from other debt | | | — | | | | 0.8 | | | | 298.2 | | | | — | | | | 299 | | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
Repayments of other debt | | | — | | | | (0.8 | ) | | | (203.7 | ) | | | — | | | | (204.5 | ) | Net cash flows of operating activities | | $ | 56 | | | $ | 102.4 | | | $ | (120.2 | ) | | $ | — | | | $ | 38.2 | |
Dividends paid to non-controlling interests | | | — | | | | — | | | | (0.3 | ) | | | — | | | | (0.3 | ) | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of stock options | | | 0.5 | | | | — | | | | — | | | | — | | | | 0.5 | | Cash flows of investing activities: | | | | | | | | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Capital expenditures | | | (0.3 | ) | | | (29.1 | ) | | | (59.7 | ) | | | — | | | | (89.1 | ) |
Net cash flows of financing activities | | | (39.9 | ) | | | 65.1 | | | | 69.5 | | | | — | | | | 94.7 | | Acquisitions, net of cash acquired | | | — | | | | (2.3 | ) | | | (4.6 | ) | | | — | | | | (6.9 | ) |
| | | | | | | | | | | | | | | | | | | | | Proceeds from properties sold | | | — | | | | 0.3 | | | | 0.1 | | | | — | | | | 0.4 | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | (9.5 | ) | | | (16.7 | ) | | | — | | | | (26.2 | ) | Other | | | — | | | | (43.7 | ) | | | 44.7 | | | | — | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | (8.0 | ) | | | (20.7 | ) | | | (109.2 | ) | | | — | | | | (137.9 | ) | Net cash flows of investing activities | | | (0.3 | ) | | | (74.8 | ) | | | (19.5 | ) | | | — | | | | (94.6 | ) |
Cash and cash equivalents — beginning of period | | | 65.3 | | | | 44.2 | | | | 512.8 | | | | | | | | 622.3 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash flows of financing activities: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents — end of period | | $ | 57.3 | | | $ | 23.5 | | | $ | 403.6 | | | $ | — | | | $ | 484.4 | | Preferred stock dividend paid | | | (27.0 | ) | | | — | | | | — | | | | — | | | | (27.0 | ) |
| | | | | | | | | | | | | | | | | | | | | Intercompany accounts | | | 280 | | | | (308.3 | ) | | | 28.3 | | | | — | | | | — | |
Intercompany Activity | Proceeds from other debt | | | — | | | | 420 | | | | 1,225.30 | | | | — | | | | 1,645.30 | |
The Parent Company and its Guarantor Subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the Guarantor Subsidiaries’ bank accounts and those of the Parent Company. There are a significant number of the Company’s subsidiaries that participate in this cash pooling arrangement and there are thousands of transactions per week that occur between the Parent Company and Guarantor Subsidiaries, all of which are accounted for through the intercompany accounts. | Repayments of other debt | | | — | | | | (194.9 | ) | | | (1,162.7 | ) | | | — | | | | (1,357.6 | ) |
Parent Company transactions include interest, dividend, tax payments and intercompany sales transactions related to administrative costs incurred by the Parent Company, which are billed to Guarantor Subsidiaries on a cost-plus basis. These costs are reported in the Parent’s “Selling, general and administrative expenses” on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) Information for the respective period(s). All intercompany transactions are presumed to be settled in cash when they occur and are included in operating activities on the statement of cash flows. Non-operating cash flow changes have been classified as financing activities beginning in 2009. | Settlement of long term debt including fees and expenses | | | (355.0 | ) | | | — | | | | — | | | | — | | | | (355.0 | ) |
| Purchase of non-controlling interest | | | — | | | | 8.2 | | | | (12.2 | ) | | | — | | | | (4.0 | ) |
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the three fiscal months ended March 28, 2014 and the twelve months ended December 31, 2013: | Dividends paid to non-controlling interest | | | — | | | | — | | | | (5.3 | ) | | | — | | | | (5.3 | ) |
| Repurchase of common shares | | | (19.5 | ) | | | — | | | | — | | | | — | | | | (19.5 | ) |
| | | | | | | | | | | | | | | | | | | | | Proceeds from exercise of stock options | | | 0.7 | | | | — | | | | — | | | | — | | | | 0.7 | |
(in millions) | | March 28, | | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | Net cash flows of financing activities | | | (120.8 | ) | | | (75.0 | ) | | | 73.4 | | | | — | | | | (122.4 | ) |
Beginning Balance | | $ | 1,305.50 | | | $ | 1,566.70 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash transactions | | | | | | | | | | | | | | | | | | | | | Effect of exchange rate changes on cash and cash equivalents | | | — | | | | 5.4 | | | | (30.1 | ) | | | — | | | | (24.7 | ) |
Deferred tax | | | — | | | | 7.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity based awards | | | 2.9 | | | | 11.7 | | | | | | | | | | | | | | Increase (decrease) in cash and cash equivalents | | | (65.1 | ) | | | (42.0 | ) | | | (96.4 | ) | | | — | | | | (203.5 | ) |
Foreign currency and other | | | — | | | | — | | | | | | | | | | | | | | Cash and cash equivalents —beginning of period | | | 65.3 | | | | 44.2 | | | | 512.8 | | | | — | | | | 622.3 | |
Cash transactions | | | (23.8 | ) | | | (280.0 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents —end of period | | $ | 0.2 | | | $ | 2.2 | | | $ | 416.4 | | | $ | — | | | $ | 418.8 | |
Ending Balance | | $ | 1,284.60 | | | $ | 1,305.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Dividends | Condensed Statement of Cash Flows Information |
There were no cash dividend payments to the Parent Company from the Guarantor Subsidiaries in the three fiscal months ended March 28, 2014 or March 29, 2013. | Year Ended December 31, 2012 |
Parent Company Long-Term Debt | |
At March 28, 2014 and December 31, 2013, the Parent Company was party to the following long-term financing arrangements: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Non- | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Guarantor | | | Guarantor | | | | | | | |
(in millions) | | March 28, | | | December 31, | | | | | | | | | | | | | | | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
2014 | 2013 | | | | | | | | | | | | | Net cash flows of operating activities | | $ | 55.6 | | | $ | 60.6 | | | $ | 156.4 | | | $ | — | | | $ | 272.6 | |
5.75% Senior Notes due 2022 | | $ | 600 | | | $ | 600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subordinated Convertible Notes due 2029 | | | 429.5 | | | | 429.5 | | | | | | | | | | | | | | Cash flows of investing activities: | | | | | | | | | | | | | | | | | | | | |
Debt discount on Subordinated Convertible Notes due 2029 | | | (261.1 | ) | | | (261.5 | ) | | | | | | | | | | | | | Capital expenditures | | | (0.2 | ) | | | (25.1 | ) | | | (83.3 | ) | | | — | | | | (108.6 | ) |
0.875% Convertible Notes due 2013 | | | — | | | | — | | | | | | | | | | | | | | Acquisitions, net of cash acquired | | | — | | | | (175.3 | ) | | | (111.2 | ) | | | — | | | | (286.5 | ) |
Debt discount on 0.875% Convertible Notes due 2013 | | | — | | | | — | | | | | | | | | | | | | | Return of investment intercompany dividends | | | — | | | | 90.8 | | | | (90.8 | ) | | | — | | | | — | |
Senior Floating Rate Notes | | | 125 | | | | 125 | | | | | | | | | | | | | | Proceeds from properties sold | | | — | | | | 0.1 | | | | 4.4 | | | | — | | | | 4.5 | |
Other | | | 9 | | | | 9 | | | | | | | | | | | | | | Other | | | (29.2 | ) | | | (129.0 | ) | | | 158.5 | | | | — | | | | 0.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Parent Company debt | | | 902.4 | | | | 902 | | | | | | | | | | | | | | Net cash flows of investing activities | | | (29.4 | ) | | | (238.5 | ) | | | (122.4 | ) | | | — | | | | (390.3 | ) |
Less current maturities | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Cash flows of financing activities: | | | | | | | | | | | | | | | | | | | | |
Parent Company Long-term debt | | $ | 902.4 | | | $ | 902 | | | | | | | | | | | | | | Preferred stock dividend paid | | | (0.3 | ) | | | — | | | | — | | | | — | | | | (0.3 | ) |
| | | | | | | | | | | | | | | | | | | | | Excess tax benefits from stock-based compensation | | | (0.6 | ) | | | — | | | | — | | | | — | | | | (0.6 | ) |
| Intercompany accounts | | | (342.1 | ) | | | 241.5 | | | | 100.6 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | Proceeds from other debt | | | — | | | | 692.5 | | | | 781.1 | | | | — | | | | 1,473.60 | |
(in millions) | | Q1 2015 | | | Q1 2016 | | | Q1 2017 | | | Q1 2018 | | | Q1 2019 | | Repayments of other debt | | | — | | | | (727.3 | ) | | | (833.5 | ) | | | — | | | | (1,560.8 | ) |
Debt maturities twelve month period ending | | $ | — | | | $ | 125 | | | $ | — | | | $ | — | | | $ | — | | Issuance of long term debt | | | 600 | | | | — | | | | — | | | | — | | | | 600 | |
For long-term debt related to the Parent Company, refer to Note 8 “Long-Term Debt” of the Notes to the Condensed Consolidated Financial Statements. | Settlement of long term debt including fees and expenses | | | (217.7 | ) | | | — | | | | — | | | | — | | | | (217.7 | ) |
Commitments and Contingencies | Dividends paid to non-controlling interest | | | — | | | | — | | | | (3.5 | ) | | | — | | | | (3.5 | ) |
For contingencies and guarantees related to the Parent Company, refer to Note 18 “Commitments and Contingencies” of the Notes to the Condensed Consolidated Financial Statements. | Repurchase of common shares | | | (1.2 | ) | | | — | | | | — | | | | — | | | | (1.2 | ) |
| Proceeds from exercise of stock options | | | 0.1 | | | | — | | | | — | | | | — | | | | 0.1 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash flows of financing activities | | | 38.2 | | | | 206.7 | | | | 44.7 | | | | — | | | | 289.6 | |
| | | | | | | | | | | | | | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | 0.8 | | | | 6.9 | | | | 8.6 | | | | — | | | | 16.3 | |
| | | | | | | | | | | | | | | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | 65.2 | | | | 35.7 | | | | 87.3 | | | | — | | | | 188.2 | |
| Cash and cash equivalents —beginning of period | | | 0.1 | | | | 8.5 | | | | 425.5 | | | | — | | | | 434.1 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents —end of period | | $ | 65.3 | | | $ | 44.2 | | | $ | 512.8 | | | $ | — | | | $ | 622.3 | |
| | | | | | | | | | | | | | | | | | | | | |
| |
| Condensed Statement of Cash Flows Information |
| Year Ended December 31, 2011 |
| |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Non- | | | | | | | |
| | | | | | Guarantor | | | Guarantor | | | | | | | |
| | | Parent | | | Subsidiaries | | | Subsidiaries | | | Eliminations | | | Total | |
| Net cash flows of operating activities | | $ | 53.3 | | | $ | 52.1 | | | $ | (7.6 | ) | | $ | — | | | $ | 97.8 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows of investing activities: | | | | | | | | | | | | | | | | | | | | |
| Capital expenditures | | | (0.2 | ) | | | (20.6 | ) | | | (100.7 | ) | | | — | | | | (121.5 | ) |
| Acquisitions, net of cash acquired | | | — | | | | — | | | | — | | | | — | | | | — | |
| Proceeds from properties sold | | | — | | | | — | | | | 6.5 | | | | — | | | | 6.5 | |
| Other | | | — | | | | (58.1 | ) | | | 58.4 | | | | — | | | | 0.3 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash flows of investing activities | | | (0.2 | ) | | | (78.7 | ) | | | (35.8 | ) | | | — | | | | (114.7 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash flows of financing activities: | | | | | | | | | | | | | | | | | | | | |
| Preferred stock dividend paid | | | (0.3 | ) | | | — | | | | — | | | | — | | | | (0.3 | ) |
| Excess tax benefits from stock-based compensation | | | 1 | | | | — | | | | — | | | | — | | | | 1 | |
| Intercompany accounts | | | (21.0 | ) | | | 3.6 | | | | 17.4 | | | | — | | | | — | |
| Proceeds from other debt | | | — | | | | 940 | | | | 951.4 | | | | — | | | | 1,891.40 | |
| Repayments of other debt | | | — | | | | (905.2 | ) | | | (930.6 | ) | | | — | | | | (1,835.8 | ) |
| Dividends paid to non-controlling interest | | | — | | | | — | | | | (3.8 | ) | | | — | | | | (3.8 | ) |
| Repurchase of common shares | | | (62.5 | ) | | | — | | | | — | | | | — | | | | (62.5 | ) |
| Proceeds from exercise of stock options | | | 1.5 | | | | — | | | | — | | | | — | | | | 1.5 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash flows of financing activities | | | (81.3 | ) | | | 38.4 | | | | 34.4 | | | | — | | | | (8.5 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | (0.7 | ) | | | (6.2 | ) | | | 7.7 | | | | — | | | | 0.8 | |
| | | | | | | | | | | | | | | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | (28.9 | ) | | | 5.6 | | | | (1.3 | ) | | | — | | | | (24.6 | ) |
| Cash and cash equivalents —beginning of period | | | 29 | | | | 2.9 | | | | 426.8 | | | | — | | | | 458.7 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents —end of period | | $ | 0.1 | | | $ | 8.5 | | | $ | 425.5 | | | $ | — | | | $ | 434.1 | |
| | | | | | | | | | | | | | | | | | | | | |
| Intercompany Activity |
| The Parent Company and its Guarantor Subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the Guarantor Subsidiaries’ bank accounts and those of the Parent Company. There are a significant number of the Company’s subsidiaries that participate in this cash pooling arrangement and there are thousands of transactions per week that occur between the Parent Company and Guarantor Subsidiaries, all of which are accounted for through the intercompany accounts. |
| Parent Company transactions include interest, dividend, tax payments and intercompany sales transactions related to administrative costs incurred by the Parent Company, which are billed to Guarantor Subsidiaries on a cost-plus basis. These costs are reported in the Parent’s “Selling, general and administrative expenses” on the Consolidated Statement of Operations and Comprehensive Income (Loss) Information for the respective period(s). All intercompany transactions are presumed to be settled in cash when they occur and are included in operating activities on the statement of cash flows. Non-operating cash flow changes have been classified as financing activities beginning in 2009. |
| |
| A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below: |
| |
| | | | | | | | | | | | | | | | | | | | | |
| | | Year ended | | | | | | | | | |
| (in millions) | | Dec 31, 2013 | | | Dec 31, 2012 | | | Dec 31, 2011 | | | | | | | | | |
| Beginning Balance | | $ | 1,566.70 | | | $ | 1,210.40 | | | $ | 1,169.70 | | | | | | | | | |
| Non-cash transactions | | | | | | | | | | | | | | | | | | | | |
| Convertible notes and other debt | | | — | | | | — | | | | — | | | | | | | | | |
| Deferred tax | | | 7.1 | | | | 5.9 | | | | 8 | | | | | | | | | |
| Equity based awards | | | 11.7 | | | | 11.7 | | | | 12.7 | | | | | | | | | |
| Foreign currency and other | | | — | | | | (3.4 | ) | | | (1.0 | ) | | | | | | | | |
| Cash transactions | | | (280.0 | ) | | | 342.1 | | | | 21 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Ending Balance | | $ | 1,305.50 | | | $ | 1,566.70 | | | $ | 1,210.40 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Dividends |
| There were no dividend payments to the Parent Company from the Guarantor Subsidiaries in the twelve months ended December 31, 2013, 2012, and 2011. |
| Parent Company Long-Term Debt |
| At December 31, 2013 and 2012, the Parent Company was party to various long-term financing arrangements, as summarized below (in millions): |
| |
| | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Dec 31, 2013 | | | Dec 31, 2012 | | | | | | | | | | | | | |
| 5.75% Senior Notes due 2022 | | $ | 600 | | | $ | 600 | | | | | | | | | | | | | |
| Subordinated Convertible Notes due 2029 | | | 429.5 | | | | 429.5 | | | | | | | | | | | | | |
| Debt discount on Subordinated Convertible Notes due 2029 | | | (261.5 | ) | | | (263.0 | ) | | | | | | | | | | | | |
| 0.875% Convertible Notes due 2013 | | | — | | | | 355 | | | | | | | | | | | | | |
| Debt discount on 0.875% Convertible Notes due 2013 | | | — | | | | (20.4 | ) | | | | | | | | | | | | |
| Senior Floating Rate Notes | | | 125 | | | | 125 | | | | | | | | | | | | | |
| Other | | | 9 | | | | 9 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Total Parent Company debt | | | 902 | | | | 1,235.10 | | | | | | | | | | | | | |
| Less current maturities | | | — | | | | 334.6 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Parent Company Long-term debt | | $ | 902 | | | $ | 900.5 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | 2014 | | | 2015 | | | 2016 | | | 2017 | | | 2018 | |
| Debt maturities | | $ | — | | | $ | 125 | | | $ | — | | | $ | — | | | $ | — | |
| Long-term debt related to the Parent Company is discussed in Note 9—Long-Term Debt. |
| Commitments and Contingencies |
| For contingencies and guarantees related to the Parent Company, refer to Note 9—Long-Term Debt and Note 18—Commitments and Contingencies. |