Supplemental Guarantor And Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' |
Supplemental Guarantor And Parent Company Condensed Financial Information | ' |
Supplemental Guarantor and Parent Company Condensed Financial Information |
General Cable Corporation (“Parent Company”) and its U.S. and Canadian 100% wholly-owned subsidiaries (“Guarantor Subsidiaries”) fully and unconditionally guarantee the $10.6 million of 1.00% Senior Convertible Notes due in 2012, the $355.0 million of 0.875% Convertible Notes due in 2013, the $200.0 million of 7.125% Senior Notes due in 2017 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 years ended December 31, 2011, 2010, and 2009 Condensed Statements of Operations and Comprehensive Income (Loss) Information, the December 31, 2011 and 2010 Condensed Balance Sheet Information and the years ended December 31, 2011, 2010, and 2009 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 and Parent Company Condensed Financial Information tables. |
As previously reported, on October 29, 2012, General Cable Corporation (the “Company”) announced that it had identified historical accounting errors relating to inventory. The inventory accounting issues resulted in understated cost of sales for the years ended December 31, 2011, 2010 and 2009 and overstated inventory balances as of December 31, 2011 and 2010. The Company also identified additional errors related to foreign currency adjustments between the Company's U.S. and Canadian subsidiaries and within the Company's Mexican subsidiary. As a result, the Company restated for these errors in its previously issued consolidated financial statements as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009 and quarterly operating results (unaudited) in Amendment No. 1 to its Annual Report on Form 10-K/A for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 1, 2013 (the “First Amended Filing”). The restatement of previously issued consolidated financial statements and quarterly operating results (unaudited) is referred to as “Restatement No. 1”. |
In remediating the material weaknesses associated with Restatement No. 1, subsequent to the First Amended Filing, the Company identified (1) an error in its historical revenue recognition accounting practices with regard to bill and hold sales in Brazil related to aerial transmission projects, (2) an error in the recoverability of certain recorded VAT assets in Brazil and (3) various other errors which were determined to be individually immaterial. The Company has corrected these errors in the accompanying restated consolidated financial statements as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009 (“Restatement No. 2”). |
The following Supplemental Guarantor and Parent Company Condensed Financial Information has been restated and recast for the effects of Restatement No. 1, the effects of the removal of the Canadian subsidiaries as guarantor subsidiaries and the effects of Restatement No. 2, which are each reflected in separate tables. The effects of Restatement No. 1 and the effects of Restatement No. 2 are further described in Note 22 - Restatement of Consolidated Financial Statements. |
For the year ended December 31, 2011 Condensed Statement of Operations and Comprehensive Income (Loss) Information, Condensed Balance Sheet Information and Condensed Statement of Cash Flow Information, the respective amounts presented in the "As Originally Filed" tables correspond to Form 10-K for the fiscal year ended December 31, 2011 filed by the Company on February 23, 2012. For the year ended December 31, 2010 Condensed Statement of Operations and Comprehensive Income (Loss) Information, Condensed Balance Sheet Information and Condensed Statement of Cash Flow Information, the respective amounts presented in the "As Originally Filed" tables correspond to Form 10-K for the fiscal year ended December 31, 2010 filed by the Company on February 25, 2011. For the year ended December 31, 2009 Condensed Statement of Operations and Comprehensive Income (Loss) Information and Condensed Statement of Cash Flow Information, the respective amounts presented in the "As Originally Filed" tables correspond to Form 10-K for the fiscal year ended December 31, 2009 filed by the Company on March 1, 2010. |
Before consideration of the Parent Company's and Guarantor Subsidiaries' proportionate share of their respective equity adjustments for net income (loss) applicable to Company common shareholders and other comprehensive income (loss), each of the errors described above and in further detail in Note 22 impact the condensed financial information of the Non-Guarantor Subsidiaries and has been reflected in the "Effect of Restatement #1"and the "Effect of Restatement #2" tables. |
The Condensed Statements of Operations and Comprehensive Income (Loss) Information for the Parent Company and Guarantor Subsidiaries for the years ended December 31, 2011, 2010 and 2009 have been restated in the respective "Effect of Restatement #2" tables to reflect the portion of its subsidiaries' equity in earnings of other comprehensive income (loss), including the appropriate adjustment to eliminations, which were previously omitted from the prior filings. |
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2011 - As Originally Filed |
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| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 2,070.30 | | | $ | 3,796.40 | | | $ | — | | | $ | 5,866.70 | | |
|
Intercompany | 55.9 | | | — | | | 51.3 | | | (107.2 | ) | | — | | |
|
| 55.9 | | | 2,070.30 | | | 3,847.70 | | | (107.2 | ) | | 5,866.70 | | |
|
Cost of sales | — | | | 1,819.30 | | | 3,473.10 | | | (51.3 | ) | | 5,241.10 | | |
|
Gross profit | 55.9 | | | 251 | | | 374.6 | | | (55.9 | ) | | 625.6 | | |
|
Selling, general and administrative expenses | 44.6 | | | 142.8 | | | 246.1 | | | (55.9 | ) | | 377.6 | | |
|
Operating income | 11.3 | | | 108.2 | | | 128.5 | | | — | | | 248 | | |
|
Other income (expense) | (0.1 | ) | | (0.5 | ) | | (31.1 | ) | | — | | | (31.7 | ) | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (63.0 | ) | | (91.6 | ) | | (45.9 | ) | | 101.3 | | | (99.2 | ) | |
|
Interest income | 88.6 | | | 12 | | | 8.4 | | | (101.3 | ) | | 7.7 | | |
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| 25.6 | | | (79.6 | ) | | (37.5 | ) | | — | | | (91.5 | ) | |
|
Income before income taxes | 36.8 | | | 28.1 | | | 59.9 | | | — | | | 124.8 | | |
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Income tax benefit (provision) | (15.8 | ) | | — | | | (26.7 | ) | | — | | | (42.5 | ) | |
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Equity in net income of subsidiaries | 63.1 | | | 35 | | | 0.2 | | | (95.4 | ) | | 2.9 | | |
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Net income including noncontrolling interest | 84.1 | | | 63.1 | | | 33.4 | | | (95.4 | ) | | 85.2 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
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Less: net income attributable to noncontrolling interest | — | | | — | | | 1.1 | | | — | | | 1.1 | | |
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Net income applicable to Company common shareholders | $ | 83.8 | | | $ | 63.1 | | | $ | 32.3 | | | $ | (95.4 | ) | | $ | 83.8 | | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | 84.1 | | | $ | 63.1 | | | $ | 33.4 | | | $ | (95.4 | ) | | $ | 85.2 | | |
|
Currency translation gain (loss) | (0.5 | ) | | (32.3 | ) | | (36.2 | ) | | — | | | (69.0 | ) | |
|
Defined benefit plan adjustments, net of tax | — | | | (18.9 | ) | | 0.9 | | | — | | | (18.0 | ) | |
|
Change in fair value of derivatives, net of tax | — | | | (3.8 | ) | | (33.8 | ) | | — | | | (37.6 | ) | |
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Comprehensive income (loss), net of tax | 83.6 | | | 8.1 | | | (35.7 | ) | | (95.4 | ) | | (39.4 | ) | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (4.9 | ) | | — | | | (4.9 | ) | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | 83.6 | | | $ | 8.1 | | | $ | (30.8 | ) | | $ | (95.4 | ) | | $ | (34.5 | ) | |
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2011 - Effect of Restatement #1 |
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| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Intercompany | — | | | — | | | — | | | — | | | — | | |
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| — | | | — | | | — | | | — | | | — | | |
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Cost of sales | — | | | — | | | 17.9 | | | — | | | 17.9 | | |
|
Gross profit | — | | | — | | | (17.9 | ) | | — | | | (17.9 | ) | |
|
Selling, general and administrative expenses | — | | | — | | | — | | | — | | | — | | |
|
Operating income | — | | | — | | | (17.9 | ) | | — | | | (17.9 | ) | |
|
Other income (expense) | — | | | — | | | — | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | — | | | — | | | — | | |
|
Interest income | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Income before income taxes | — | | | — | | | (17.9 | ) | | — | | | (17.9 | ) | |
|
Income tax benefit (provision) | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
|
Equity in net income of subsidiaries | (18.1 | ) | | (18.1 | ) | | — | | | 36.2 | | | — | | |
|
Net income including noncontrolling interest | (18.1 | ) | | (18.1 | ) | | (18.1 | ) | | 36.2 | | | (18.1 | ) | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Net income applicable to Company common shareholders | $ | (18.1 | ) | | $ | (18.1 | ) | | $ | (18.1 | ) | | $ | 36.2 | | | $ | (18.1 | ) | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | (18.1 | ) | | $ | (18.1 | ) | | $ | (18.1 | ) | | $ | 36.2 | | | $ | (18.1 | ) | |
|
Currency translation gain (loss) | — | | | — | | | 5.9 | | | — | | | 5.9 | | |
|
Defined benefit plan adjustments, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Change in fair value of derivatives, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Comprehensive income (loss), net of tax | (18.1 | ) | | (18.1 | ) | | (12.2 | ) | | 36.2 | | | (12.2 | ) | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (18.1 | ) | | $ | (18.1 | ) | | $ | (12.2 | ) | | $ | 36.2 | | | $ | (12.2 | ) | |
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2011 - Effect of Recast |
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| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | (213.3 | ) | | $ | 213.3 | | | $ | — | | | $ | — | | |
|
Intercompany | — | | | 116.4 | | | 153.6 | | | (270.0 | ) | | — | | |
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| — | | | (96.9 | ) | | 366.9 | | | (270.0 | ) | | — | | |
|
Cost of sales | — | | | (76.8 | ) | | 346.8 | | | (270.0 | ) | | — | | |
|
Gross profit | — | | | (20.1 | ) | | 20.1 | | | — | | | — | | |
|
Selling, general and administrative expenses | — | | | (12.1 | ) | | 12.1 | | | — | | | — | | |
|
Operating income | — | | | (8.0 | ) | | 8 | | | — | | | — | | |
|
Other income (expense) | — | | | 0.3 | | | (0.3 | ) | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | (3.0 | ) | | 3 | | | — | | |
|
Interest income | — | | | 3 | | | — | | | (3.0 | ) | | — | | |
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| — | | | 3 | | | (3.0 | ) | | — | | | — | | |
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Income before income taxes | — | | | (4.7 | ) | | 4.7 | | | — | | | — | | |
|
Income tax benefit (provision) | — | | | 2.6 | | | (2.6 | ) | | — | | | — | | |
|
Equity in net income of subsidiaries | — | | | 2.1 | | | 2.4 | | | (4.5 | ) | | — | | |
|
Net income including noncontrolling interest | — | | | — | | | 4.5 | | | (4.5 | ) | | — | | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
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Net income applicable to Company common shareholders | $ | — | | | $ | — | | | $ | 4.5 | | | $ | (4.5 | ) | | $ | — | | |
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Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | — | | | $ | — | | | $ | 4.5 | | | $ | (4.5 | ) | | $ | — | | |
|
Currency translation gain (loss) | — | | | 24 | | | (24.0 | ) | | — | | | — | | |
|
Defined benefit plan adjustments, net of tax | — | | | 3.9 | | | (3.9 | ) | | — | | | — | | |
|
Change in fair value of derivatives, net of tax | — | | | — | | | — | | | — | | | — | | |
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Comprehensive income (loss), net of tax | — | | | 27.9 | | | (23.4 | ) | | (4.5 | ) | | — | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | — | | | — | | | — | | |
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Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | — | | | $ | 27.9 | | | $ | (23.4 | ) | | $ | (4.5 | ) | | $ | — | | |
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2011 - Effect of Restatement #2 |
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| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | — | | | $ | (58.5 | ) | | $ | — | | | $ | (58.5 | ) | |
|
Intercompany | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | (58.5 | ) | | — | | | (58.5 | ) | |
|
Cost of sales | — | | | — | | | (45.1 | ) | | — | | | (45.1 | ) | |
|
Gross profit | — | | | — | | | (13.4 | ) | | — | | | (13.4 | ) | |
|
Selling, general and administrative expenses | — | | | — | | | 2.1 | | | — | | | 2.1 | | |
|
Operating income | — | | | — | | | (15.5 | ) | | — | | | (15.5 | ) | |
|
Other income (expense) | — | | | — | | | — | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | — | | | — | | | — | | |
|
Interest income | — | | | — | | | — | | | — | | | — | | |
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| — | | | — | | | — | | | — | | | — | | |
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Income before income taxes | — | | | — | | | (15.5 | ) | | — | | | (15.5 | ) | |
|
Income tax benefit (provision) | — | | | — | | | 4.1 | | | — | | | 4.1 | | |
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Equity in net income of subsidiaries | (11.2 | ) | | (11.2 | ) | | — | | | 22.4 | | | — | | |
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Net income including noncontrolling interest | (11.2 | ) | | (11.2 | ) | | (11.4 | ) | | 22.4 | | | (11.4 | ) | |
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Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
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Net income applicable to Company common shareholders | $ | (11.2 | ) | | $ | (11.2 | ) | | $ | (11.2 | ) | | $ | 22.4 | | | $ | (11.2 | ) | |
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Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | (11.2 | ) | | $ | (11.2 | ) | | $ | (11.4 | ) | | $ | 22.4 | | | $ | (11.4 | ) | |
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Currency translation gain (loss) | (56.6 | ) | | (48.3 | ) | | 2.5 | | | 104.9 | | | 2.5 | | |
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Defined benefit plan adjustments, net of tax | (15.6 | ) | | (0.6 | ) | | — | | | 16.2 | | | — | | |
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Change in fair value of derivatives, net of tax | (37.5 | ) | | (33.7 | ) | | — | | | 71.2 | | | — | | |
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Comprehensive income (loss), net of tax | (120.9 | ) | | (93.8 | ) | | (8.9 | ) | | 214.7 | | | (8.9 | ) | |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
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Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (120.9 | ) | | $ | (93.8 | ) | | $ | (8.7 | ) | | $ | 214.7 | | | $ | (8.7 | ) | |
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2011 - As Restated and Recast |
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| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 1,857.00 | | | $ | 3,951.20 | | | $ | — | | | $ | 5,808.20 | | |
|
Intercompany | 55.9 | | | 116.4 | | | 204.9 | | | (377.2 | ) | | — | | |
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| 55.9 | | | 1,973.40 | | | 4,156.10 | | | (377.2 | ) | | 5,808.20 | | |
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Cost of sales | — | | | 1,742.50 | | | 3,792.70 | | | (321.3 | ) | | 5,213.90 | | |
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Gross profit | 55.9 | | | 230.9 | | | 363.4 | | | (55.9 | ) | | 594.3 | | |
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Selling, general and administrative expenses | 44.6 | | | 130.7 | | | 260.3 | | | (55.9 | ) | | 379.7 | | |
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Operating income | 11.3 | | | 100.2 | | | 103.1 | | | — | | | 214.6 | | |
|
Other income (expense) | (0.1 | ) | | (0.2 | ) | | (31.4 | ) | | — | | | (31.7 | ) | |
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Interest income (expense): | | | | | | | | | | |
Interest expense | (63.0 | ) | | (91.6 | ) | | (48.9 | ) | | 104.3 | | | (99.2 | ) | |
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Interest income | 88.6 | | | 15 | | | 8.4 | | | (104.3 | ) | | 7.7 | | |
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| 25.6 | | | (76.6 | ) | | (40.5 | ) | | — | | | (91.5 | ) | |
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Income before income taxes | 36.8 | | | 23.4 | | | 31.2 | | | — | | | 91.4 | | |
|
Income tax benefit (provision) | (15.8 | ) | | 2.6 | | | (25.4 | ) | | — | | | (38.6 | ) | |
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Equity in net income of subsidiaries | 33.8 | | | 7.8 | | | 2.6 | | | (41.3 | ) | | 2.9 | | |
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Net income including noncontrolling interest | 54.8 | | | 33.8 | | | 8.4 | | | (41.3 | ) | | 55.7 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
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Less: net income attributable to noncontrolling interest | — | | | — | | | 0.9 | | | — | | | 0.9 | | |
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Net income applicable to Company common shareholders | $ | 54.5 | | | $ | 33.8 | | | $ | 7.5 | | | $ | (41.3 | ) | | $ | 54.5 | | |
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Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | 54.8 | | | $ | 33.8 | | | $ | 8.4 | | | $ | (41.3 | ) | | $ | 55.7 | | |
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Currency translation gain (loss) | (57.1 | ) | | (56.6 | ) | | (51.8 | ) | | 104.9 | | | (60.6 | ) | |
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Defined benefit plan adjustments, net of tax | (15.6 | ) | | (15.6 | ) | | (3.0 | ) | | 16.2 | | | (18.0 | ) | |
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Change in fair value of derivatives, net of tax | (37.5 | ) | | (37.5 | ) | | (33.8 | ) | | 71.2 | | | (37.6 | ) | |
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Comprehensive income (loss), net of tax | (55.4 | ) | | (75.9 | ) | | (80.2 | ) | | 151 | | | (60.5 | ) | |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (5.1 | ) | | — | | | (5.1 | ) | |
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Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (55.4 | ) | | $ | (75.9 | ) | | $ | (75.1 | ) | | $ | 151 | | | $ | (55.4 | ) | |
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2010 - As Originally Filed |
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| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 1,740.20 | | | $ | 3,124.70 | | | $ | — | | | $ | 4,864.90 | | |
|
Intercompany | 51.2 | | | 0.3 | | | 75.4 | | | (126.9 | ) | | — | | |
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| 51.2 | | | 1,740.50 | | | 3,200.10 | | | (126.9 | ) | | 4,864.90 | | |
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Cost of sales | — | | | 1,526.30 | | | 2,860.30 | | | (75.7 | ) | | 4,310.90 | | |
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Gross profit | 51.2 | | | 214.2 | | | 339.8 | | | (51.2 | ) | | 554 | | |
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Selling, general and administrative expenses | 40.3 | | | 131.7 | | | 210.8 | | | (51.2 | ) | | 331.6 | | |
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Operating income | 10.9 | | | 82.5 | | | 129 | | | — | | | 222.4 | | |
|
Other income (expense) | 0.1 | | | (0.9 | ) | | (27.3 | ) | | — | | | (28.1 | ) | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (61.5 | ) | | (83.4 | ) | | (24.9 | ) | | 92.8 | | | (77.0 | ) | |
|
Interest income | 81.6 | | | 10.9 | | | 5.7 | | | (92.8 | ) | | 5.4 | | |
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| 20.1 | | | (72.5 | ) | | (19.2 | ) | | — | | | (71.6 | ) | |
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Income (loss) before income taxes | 31.1 | | | 9.1 | | | 82.5 | | | — | | | 122.7 | | |
|
Income tax benefit (provision) | (12.0 | ) | | 20.8 | | | (56.0 | ) | | — | | | (47.2 | ) | |
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Equity in net income (loss) of subsidiaries | 50.4 | | | 20.5 | | | 0.1 | | | (69.6 | ) | | 1.4 | | |
|
Net income including noncontrolling interest | 69.5 | | | 50.4 | | | 26.6 | | | (69.6 | ) | | 76.9 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | 7.4 | | | — | | | 7.4 | | |
|
Net income applicable to Company common shareholders | $ | 69.2 | | | $ | 50.4 | | | $ | 19.2 | | | $ | (69.6 | ) | | $ | 69.2 | | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | 69.5 | | | $ | 50.4 | | | $ | 26.6 | | | $ | (69.6 | ) | | $ | 76.9 | | |
|
Currency translation gain (loss) | 1.6 | | | (23.2 | ) | | 14.9 | | | — | | | (6.7 | ) | |
|
Defined benefit plan adjustments, net of tax | — | | | (2.6 | ) | | 0.3 | | | — | | | (2.3 | ) | |
|
Change in fair value of derivatives, net of tax | — | | | (10.7 | ) | | 32.2 | | | — | | | 21.5 | | |
|
Comprehensive income (loss), net of tax | 71.1 | | | 13.9 | | | 74 | | | (69.6 | ) | | 89.4 | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (12.5 | ) | | — | | | (12.5 | ) | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | 71.1 | | | $ | 13.9 | | | $ | 86.5 | | | $ | (69.6 | ) | | $ | 101.9 | | |
|
|
|
|
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2010 - Effect of Restatement #1 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Intercompany | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Cost of sales | — | | | — | | | 8.3 | | | — | | | 8.3 | | |
|
Gross profit | — | | | — | | | (8.3 | ) | | — | | | (8.3 | ) | |
|
Selling, general and administrative expenses | — | | | — | | | — | | | — | | | — | | |
|
Operating income | — | | | — | | | (8.3 | ) | | — | | | (8.3 | ) | |
|
Other income (expense) | — | | | — | | | — | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | — | | | — | | | — | | |
|
Interest income | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Income (loss) before income taxes | — | | | — | | | (8.3 | ) | | — | | | (8.3 | ) | |
|
Income tax benefit (provision) | — | | | — | | | 0.5 | | | — | | | 0.5 | | |
|
Equity in net income (loss) of subsidiaries | (7.8 | ) | | (7.8 | ) | | — | | | 15.6 | | | — | | |
|
Net income including noncontrolling interest | (7.8 | ) | | (7.8 | ) | | (7.8 | ) | | 15.6 | | | (7.8 | ) | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Net income applicable to Company common shareholders | $ | (7.8 | ) | | $ | (7.8 | ) | | $ | (7.8 | ) | | $ | 15.6 | | | $ | (7.8 | ) | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | (7.8 | ) | | $ | (7.8 | ) | | $ | (7.8 | ) | | $ | 15.6 | | | $ | (7.8 | ) | |
|
Currency translation gain (loss) | — | | | (0.1 | ) | | (1.7 | ) | | — | | | (1.8 | ) | |
|
Defined benefit plan adjustments, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Change in fair value of derivatives, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Comprehensive income (loss), net of tax | (7.8 | ) | | (7.9 | ) | | (9.5 | ) | | 15.6 | | | (9.6 | ) | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (7.8 | ) | | $ | (7.9 | ) | | $ | (9.5 | ) | | $ | 15.6 | | | $ | (9.6 | ) | |
|
|
|
|
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2010 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | (188.4 | ) | | $ | 188.4 | | | $ | — | | | $ | — | | |
|
Intercompany | — | | | 110.6 | | | 114 | | | (224.6 | ) | | — | | |
|
| — | | | (77.8 | ) | | 302.4 | | | (224.6 | ) | | — | | |
|
Cost of sales | — | | | (65.7 | ) | | 290.3 | | | (224.6 | ) | | — | | |
|
Gross profit | — | | | (12.1 | ) | | 12.1 | | | — | | | — | | |
|
Selling, general and administrative expenses | — | | | (9.7 | ) | | 9.7 | | | — | | | — | | |
|
Operating income | — | | | (2.4 | ) | | 2.4 | | | — | | | — | | |
|
Other income (expense) | — | | | 0.7 | | | (0.7 | ) | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | (2.9 | ) | | 2.9 | | | — | | |
|
Interest income | — | | | 2.9 | | | — | | | (2.9 | ) | | — | | |
|
| — | | | 2.9 | | | (2.9 | ) | | — | | | — | | |
|
Income (loss) before income taxes | — | | | 1.2 | | | (1.2 | ) | | — | | | — | | |
|
Income tax benefit (provision) | — | | | 0.3 | | | (0.3 | ) | | — | | | — | | |
|
Equity in net income (loss) of subsidiaries | — | | | (1.5 | ) | | 1.3 | | | 0.2 | | | — | | |
|
Net income including noncontrolling interest | — | | | — | | | (0.2 | ) | | 0.2 | | | — | | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Net income applicable to Company common shareholders | $ | — | | | $ | — | | | $ | (0.2 | ) | | $ | 0.2 | | | $ | — | | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | — | | | $ | — | | | $ | (0.2 | ) | | $ | 0.2 | | | $ | — | | |
|
Currency translation gain (loss) | — | | | 3.2 | | | (3.2 | ) | | — | | | — | | |
|
Defined benefit plan adjustments, net of tax | — | | | 2.9 | | | (2.9 | ) | | — | | | — | | |
|
Change in fair value of derivatives, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Comprehensive income (loss), net of tax | — | | | 6.1 | | | (6.3 | ) | | 0.2 | | | — | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | — | | | — | | | — | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | — | | | $ | 6.1 | | | $ | (6.3 | ) | | $ | 0.2 | | | $ | — | | |
|
|
|
|
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2010 - Effect of Restatement #2 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | — | | | $ | (8.9 | ) | | $ | — | | | $ | (8.9 | ) | |
|
Intercompany | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | (8.9 | ) | | — | | | (8.9 | ) | |
|
Cost of sales | — | | | — | | | (3.1 | ) | | — | | | (3.1 | ) | |
|
Gross profit | — | | | — | | | (5.8 | ) | | — | | | (5.8 | ) | |
|
Selling, general and administrative expenses | — | | | — | | | 0.5 | | | — | | | 0.5 | | |
|
Operating income | — | | | — | | | (6.3 | ) | | — | | | (6.3 | ) | |
|
Other income (expense) | — | | | — | | | — | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | — | | | — | | | — | | |
|
Interest income | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Income (loss) before income taxes | — | | | — | | | (6.3 | ) | | — | | | (6.3 | ) | |
|
Income tax benefit (provision) | — | | | — | | | 0.8 | | | — | | | 0.8 | | |
|
Equity in net income (loss) of subsidiaries | (5.2 | ) | | (5.2 | ) | | — | | | 10.4 | | | — | | |
|
Net income including noncontrolling interest | (5.2 | ) | | (5.2 | ) | | (5.5 | ) | | 10.4 | | | (5.5 | ) | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) | |
|
Net income applicable to Company common shareholders | $ | (5.2 | ) | | $ | (5.2 | ) | | $ | (5.2 | ) | | $ | 10.4 | | | $ | (5.2 | ) | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | (5.2 | ) | | $ | (5.2 | ) | | $ | (5.5 | ) | | $ | 10.4 | | | $ | (5.5 | ) | |
|
Currency translation gain (loss) | 8.2 | | | 28.3 | | | (0.9 | ) | | (36.5 | ) | | (0.9 | ) | |
|
Defined benefit plan adjustments, net of tax | (2.3 | ) | | (2.6 | ) | | — | | | 4.9 | | | — | | |
|
Change in fair value of derivatives, net of tax | 22.2 | | | 32.9 | | | — | | | (55.1 | ) | | — | | |
|
Comprehensive income (loss), net of tax | 22.9 | | | 53.4 | | | (6.4 | ) | | (76.3 | ) | | (6.4 | ) | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | 22.9 | | | $ | 53.4 | | | $ | (6.1 | ) | | $ | (76.3 | ) | | $ | (6.1 | ) | |
|
|
|
|
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2010 - As Restated and Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 1,551.80 | | | $ | 3,304.20 | | | $ | — | | | $ | 4,856.00 | | |
|
Intercompany | 51.2 | | | 110.9 | | | 189.4 | | | (351.5 | ) | | — | | |
|
| 51.2 | | | 1,662.70 | | | 3,493.60 | | | (351.5 | ) | | 4,856.00 | | |
|
Cost of sales | — | | | 1,460.60 | | | 3,155.80 | | | (300.3 | ) | | 4,316.10 | | |
|
Gross profit | 51.2 | | | 202.1 | | | 337.8 | | | (51.2 | ) | | 539.9 | | |
|
Selling, general and administrative expenses | 40.3 | | | 122 | | | 221 | | | (51.2 | ) | | 332.1 | | |
|
Operating income | 10.9 | | | 80.1 | | | 116.8 | | | — | | | 207.8 | | |
|
Other income (expense) | 0.1 | | | (0.2 | ) | | (28.0 | ) | | — | | | (28.1 | ) | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (61.5 | ) | | (83.4 | ) | | (27.8 | ) | | 95.7 | | | (77.0 | ) | |
|
Interest income | 81.6 | | | 13.8 | | | 5.7 | | | (95.7 | ) | | 5.4 | | |
|
| 20.1 | | | (69.6 | ) | | (22.1 | ) | | — | | | (71.6 | ) | |
|
Income (loss) before income taxes | 31.1 | | | 10.3 | | | 66.7 | | | — | | | 108.1 | | |
|
Income tax benefit (provision) | (12.0 | ) | | 21.1 | | | (55.0 | ) | | — | | | (45.9 | ) | |
|
Equity in net income (loss) of subsidiaries | 37.4 | | | 6 | | | 1.4 | | | (43.4 | ) | | 1.4 | | |
|
Net income including noncontrolling interest | 56.5 | | | 37.4 | | | 13.1 | | | (43.4 | ) | | 63.6 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | 7.1 | | | — | | | 7.1 | | |
|
Net income applicable to Company common shareholders | $ | 56.2 | | | $ | 37.4 | | | $ | 6 | | | $ | (43.4 | ) | | $ | 56.2 | | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | 56.5 | | | $ | 37.4 | | | $ | 13.1 | | | $ | (43.4 | ) | | $ | 63.6 | | |
|
Currency translation gain (loss) | 9.8 | | | 8.2 | | | 9.1 | | | (36.5 | ) | | (9.4 | ) | |
|
Defined benefit plan adjustments, net of tax | (2.3 | ) | | (2.3 | ) | | (2.6 | ) | | 4.9 | | | (2.3 | ) | |
|
Change in fair value of derivatives, net of tax | 22.2 | | | 22.2 | | | 32.2 | | | (55.1 | ) | | 21.5 | | |
|
Comprehensive income (loss), net of tax | 86.2 | | | 65.5 | | | 51.8 | | | (130.1 | ) | | 73.4 | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (12.8 | ) | | — | | | (12.8 | ) | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | 86.2 | | | $ | 65.5 | | | $ | 64.6 | | | $ | (130.1 | ) | | $ | 86.2 | | |
|
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2009 - As Originally Filed |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 1,460.20 | | | $ | 2,925.00 | | | $ | — | | | $ | 4,385.20 | | |
|
Intercompany | 49.3 | | | 2.4 | | | 42.2 | | | (93.9 | ) | | — | | |
|
| 49.3 | | | 1,462.60 | | | 2,967.20 | | | (93.9 | ) | | 4,385.20 | | |
|
Cost of sales | — | | | 1,310.80 | | | 2,597.10 | | | (42.2 | ) | | 3,865.70 | | |
|
Gross profit | 49.3 | | | 151.8 | | | 370.1 | | | (51.7 | ) | | 519.5 | | |
|
Selling, general and administrative expenses | 38.9 | | | 142.2 | | | 210.2 | | | (51.7 | ) | | 339.6 | | |
|
Operating income | 10.4 | | | 9.6 | | | 159.9 | | | — | | | 179.9 | | |
|
Other income (expense) | 0.2 | | | (0.2 | ) | | 7 | | | — | | | 7 | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (69.5 | ) | | (70.6 | ) | | (36.7 | ) | | 90.2 | | | (86.6 | ) | |
|
Interest income | 68.9 | | | 21.4 | | | 3.5 | | | (90.2 | ) | | 3.6 | | |
|
Loss on extinguishment of debt | (7.6 | ) | | — | | | — | | | — | | | (7.6 | ) | |
|
| (8.2 | ) | | (49.2 | ) | | (33.2 | ) | | — | | | (90.6 | ) | |
|
Income before income taxes | 2.4 | | | (39.8 | ) | | 133.7 | | | — | | | 96.3 | | |
|
Income tax (provision) | (1.9 | ) | | 4.1 | | | (34.9 | ) | | — | | | (32.7 | ) | |
|
Equity in net income of subsidiaries | 56.1 | | | 91.8 | | | 0.3 | | | (147.3 | ) | | 0.9 | | |
|
Net income including noncontrolling interest | 56.6 | | | 56.1 | | | 99.1 | | | (147.3 | ) | | 64.5 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | 7.9 | | | — | | | 7.9 | | |
|
Net income applicable to Company common shareholders | $ | 56.3 | | | $ | 56.1 | | | $ | 91.2 | | | $ | (147.3 | ) | | $ | 56.3 | | |
|
Comprehensive income (loss) | | | | | | | | | | |
Net income (loss) | 56.6 | | | 56.1 | | | 99.1 | | | (147.3 | ) | | 64.5 | | |
|
Currency translation gain (loss) | $ | 3.8 | | | $ | 17.4 | | | $ | 54.2 | | | $ | — | | | 75.4 | | |
|
Defined benefit plan adjustments, net of tax | $ | — | | | $ | 15.5 | | | $ | (2.7 | ) | | $ | — | | | 12.8 | | |
|
Change in fair value of derivatives, net of tax | $ | — | | | $ | 37.8 | | | $ | 23.5 | | | $ | — | | | 61.3 | | |
|
Company deferred stock held in rabbi trust gain, net of tax | $ | — | | | $ | 5.9 | | | $ | — | | | $ | — | | | 5.9 | | |
|
Comprehensive income (loss), net of tax | $ | 60.4 | | | $ | 132.7 | | | $ | 174.1 | | | $ | (147.3 | ) | | $ | 219.9 | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | $ | — | | | $ | — | | | $ | 22.9 | | | $ | — | | | 22.9 | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | 60.4 | | | 132.7 | | | 151.2 | | | (147.3 | ) | | 197 | | |
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2009 - Effect of Restatement #1 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Intercompany | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Cost of sales | — | | | — | | | 13.7 | | | — | | | 13.7 | | |
|
Gross profit | — | | | — | | | (13.7 | ) | | — | | | (13.7 | ) | |
|
Selling, general and administrative expenses | — | | | — | | | — | | | — | | | — | | |
|
Operating income | — | | | — | | | (13.7 | ) | | — | | | (13.7 | ) | |
|
Other income (expense) | — | | | — | | | — | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | — | | | — | | | — | | |
|
Interest income | — | | | — | | | — | | | — | | | — | | |
|
Loss on extinguishment of debt | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Income before income taxes | — | | | — | | | (13.7 | ) | | — | | | (13.7 | ) | |
|
Income tax (provision) | — | | | — | | | (3.1 | ) | | — | | | (3.1 | ) | |
|
Equity in net income of subsidiaries | (16.8 | ) | | (16.8 | ) | | — | | | 33.6 | | | — | | |
|
Net income including noncontrolling interest | (16.8 | ) | | (16.8 | ) | | (16.8 | ) | | 33.6 | | | (16.8 | ) | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Net income applicable to Company common shareholders | $ | (16.8 | ) | | $ | (16.8 | ) | | $ | (16.8 | ) | | $ | 33.6 | | | $ | (16.8 | ) | |
|
Comprehensive income (loss) | | | | | | | | | | |
Net income (loss) | (16.8 | ) | | (16.8 | ) | | (16.8 | ) | | 33.6 | | | (16.8 | ) | |
|
Currency translation gain (loss) | $ | — | | | $ | (0.2 | ) | | $ | (2.5 | ) | | $ | — | | | (2.7 | ) | |
|
Defined benefit plan adjustments, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Change in fair value of derivatives, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Company deferred stock held in rabbi trust gain, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Comprehensive income (loss), net of tax | $ | (16.8 | ) | | $ | (17.0 | ) | | $ | (19.3 | ) | | $ | 33.6 | | | $ | (19.5 | ) | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | (16.8 | ) | | (17.0 | ) | | (19.3 | ) | | 33.6 | | | (19.5 | ) | |
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2009 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | (169.2 | ) | | $ | 169.2 | | | $ | — | | | $ | — | | |
|
Intercompany | — | | | 98.9 | | | 94.8 | | | (193.7 | ) | | — | | |
|
| — | | | (70.3 | ) | | 264 | | | (193.7 | ) | | — | | |
|
Cost of sales | — | | | (60.4 | ) | | 254.1 | | | (193.7 | ) | | — | | |
|
Gross profit | — | | | (9.9 | ) | | 9.9 | | | — | | | — | | |
|
Selling, general and administrative expenses | — | | | (10.2 | ) | | 10.2 | | | — | | | — | | |
|
Operating income | — | | | 0.3 | | | (0.3 | ) | | — | | | — | | |
|
Other income (expense) | — | | | (2.0 | ) | | 2 | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | (2.6 | ) | | 2.6 | | | — | | |
|
Interest income | — | | | 2.6 | | | — | | | (2.6 | ) | | — | | |
|
Loss on extinguishment of debt | — | | | — | | | — | | | — | | | — | | |
|
| — | | | 2.6 | | | (2.6 | ) | | — | | | — | | |
|
Income before income taxes | — | | | 0.9 | | | (0.9 | ) | | — | | | — | | |
|
Income tax (provision) | — | | | (0.4 | ) | | 0.4 | | | — | | | — | | |
|
Equity in net income of subsidiaries | — | | | (0.5 | ) | | 0.6 | | | (0.1 | ) | | — | | |
|
Net income including noncontrolling interest | — | | | — | | | 0.1 | | | (0.1 | ) | | — | | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Net income applicable to Company common shareholders | $ | — | | | $ | — | | | $ | 0.1 | | | $ | (0.1 | ) | | $ | — | | |
|
Comprehensive income (loss) | | | | | | | | | | |
Net income (loss) | — | | | — | | | 0.1 | | | (0.1 | ) | | — | | |
|
Currency translation gain (loss) | $ | — | | | $ | (6.6 | ) | | $ | 6.6 | | | $ | — | | | — | | |
|
Defined benefit plan adjustments, net of tax | $ | — | | | $ | (0.2 | ) | | $ | 0.2 | | | $ | — | | | — | | |
|
Change in fair value of derivatives, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Company deferred stock held in rabbi trust gain, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Comprehensive income (loss), net of tax | $ | — | | | $ | (6.8 | ) | | $ | 6.9 | | | $ | (0.1 | ) | | $ | — | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | $ | — | | | $ | — | | | $ | — | | | $ | — | | | — | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | — | | | (6.8 | ) | | 6.9 | | | (0.1 | ) | | — | | |
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2009 - Effect of Restatement #2 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | — | | | $ | (6.6 | ) | | $ | — | | | $ | (6.6 | ) | |
|
Intercompany | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | (6.6 | ) | | — | | | (6.6 | ) | |
|
Cost of sales | — | | | — | | | (4.8 | ) | | — | | | (4.8 | ) | |
|
Gross profit | — | | | — | | | (1.8 | ) | | — | | | (1.8 | ) | |
|
Selling, general and administrative expenses | — | | | — | | | 0.9 | | | — | | | 0.9 | | |
|
Operating income | — | | | — | | | (2.7 | ) | | — | | | (2.7 | ) | |
|
Other income (expense) | — | | | — | | | — | | | — | | | — | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | — | | | — | | | — | | | — | | | — | | |
|
Interest income | — | | | — | | | — | | | — | | | — | | |
|
Loss on extinguishment of debt | — | | | — | | | — | | | — | | | — | | |
|
| — | | | — | | | — | | | — | | | — | | |
|
Income before income taxes | — | | | — | | | (2.7 | ) | | — | | | (2.7 | ) | |
|
Income tax (provision) | — | | | — | | | 0.1 | | | — | | | 0.1 | | |
|
Equity in net income of subsidiaries | (2.4 | ) | | (2.4 | ) | | — | | | 4.8 | | | — | | |
|
Net income including noncontrolling interest | (2.4 | ) | | (2.4 | ) | | (2.6 | ) | | 4.8 | | | (2.6 | ) | |
|
Less: preferred stock dividends | — | | | — | | | — | | | — | | | — | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
|
Net income applicable to Company common shareholders | $ | (2.4 | ) | | $ | (2.4 | ) | | $ | (2.4 | ) | | $ | 4.8 | | | $ | (2.4 | ) | |
|
Comprehensive income (loss) | | | | | | | | | | |
Net income (loss) | (2.4 | ) | | (2.4 | ) | | (2.6 | ) | | 4.8 | | | (2.6 | ) | |
|
Currency translation gain (loss) | $ | 55.4 | | | $ | 44.8 | | | $ | (1.2 | ) | | $ | (100.2 | ) | | (1.2 | ) | |
|
Defined benefit plan adjustments, net of tax | $ | 13.6 | | | $ | (1.7 | ) | | $ | — | | | $ | (11.9 | ) | | — | | |
|
Change in fair value of derivatives, net of tax | $ | 57.8 | | | $ | 20 | | | $ | — | | | $ | (77.8 | ) | | — | | |
|
Company deferred stock held in rabbi trust gain, net of tax | $ | 5.9 | | | $ | — | | | $ | — | | | $ | (5.9 | ) | | — | | |
|
Comprehensive income (loss), net of tax | $ | 130.3 | | | $ | 60.7 | | | $ | (3.8 | ) | | $ | (191.0 | ) | | $ | (3.8 | ) | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | $ | — | | | $ | — | | | $ | (0.2 | ) | | $ | — | | | (0.2 | ) | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | 130.3 | | | 60.7 | | | (3.6 | ) | | (191.0 | ) | | (3.6 | ) | |
|
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2009 - As Restated and Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 1,291.00 | | | $ | 3,087.60 | | | $ | — | | | $ | 4,378.60 | | |
|
Intercompany | 49.3 | | | 101.3 | | | 137 | | | (287.6 | ) | | — | | |
|
| 49.3 | | | 1,392.30 | | | 3,224.60 | | | (287.6 | ) | | 4,378.60 | | |
|
Cost of sales | — | | | 1,250.40 | | | 2,860.10 | | | (235.9 | ) | | 3,874.60 | | |
|
Gross profit | 49.3 | | | 141.9 | | | 364.5 | | | (51.7 | ) | | 504 | | |
|
Selling, general and administrative expenses | 38.9 | | | 132 | | | 221.3 | | | (51.7 | ) | | 340.5 | | |
|
Operating income | 10.4 | | | 9.9 | | | 143.2 | | | — | | | 163.5 | | |
|
Other income (expense) | 0.2 | | | (2.2 | ) | | 9 | | | — | | | 7 | | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (69.5 | ) | | (70.6 | ) | | (39.3 | ) | | 92.8 | | | (86.6 | ) | |
|
Interest income | 68.9 | | | 24 | | | 3.5 | | | (92.8 | ) | | 3.6 | | |
|
Loss on extinguishment of debt | (7.6 | ) | | — | | | — | | | — | | | (7.6 | ) | |
|
| (8.2 | ) | | (46.6 | ) | | (35.8 | ) | | — | | | (90.6 | ) | |
|
Income before income taxes | 2.4 | | | (38.9 | ) | | 116.4 | | | — | | | 79.9 | | |
|
Income tax (provision) | (1.9 | ) | | 3.7 | | | (37.5 | ) | | — | | | (35.7 | ) | |
|
Equity in net income of subsidiaries | 36.9 | | | 72.1 | | | 0.9 | | | (109.0 | ) | | 0.9 | | |
|
Net income including noncontrolling interest | 37.4 | | | 36.9 | | | 79.8 | | | (109.0 | ) | | 45.1 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income attributable to noncontrolling interest | — | | | — | | | 7.7 | | | — | | | 7.7 | | |
|
Net income applicable to Company common shareholders | $ | 37.1 | | | $ | 36.9 | | | $ | 72.1 | | | $ | (109.0 | ) | | $ | 37.1 | | |
|
Comprehensive income (loss) | | | | | | | | | | |
Net income (loss) | 37.4 | | | 36.9 | | | 79.8 | | | (109.0 | ) | | 45.1 | | |
|
Currency translation gain (loss) | $ | 59.2 | | | $ | 55.4 | | | $ | 57.1 | | | $ | (100.2 | ) | | $ | 71.5 | | |
|
Defined benefit plan adjustments, net of tax | $ | 13.6 | | | $ | 13.6 | | | $ | (2.5 | ) | | $ | (11.9 | ) | | $ | 12.8 | | |
|
Change in fair value of derivatives, net of tax | $ | 57.8 | | | $ | 57.8 | | | $ | 23.5 | | | $ | (77.8 | ) | | $ | 61.3 | | |
|
Company deferred stock held in rabbi trust gain, net of tax | $ | 5.9 | | | $ | 5.9 | | | $ | — | | | $ | (5.9 | ) | | $ | 5.9 | | |
|
Comprehensive income (loss), net of tax | $ | 173.9 | | | $ | 169.6 | | | $ | 157.9 | | | $ | (304.8 | ) | | $ | 196.6 | | |
|
Comprehensive income (loss) attributable to non-controlling interest, net of tax | $ | — | | | $ | — | | | $ | 22.7 | | | $ | — | | | $ | 22.7 | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | 173.9 | | | 169.6 | | | 135.2 | | | (304.8 | ) | | 173.9 | | |
|
|
Condensed Balance Sheet Information |
December 31, 2011 - As Originally Filed |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | 0.1 | | | $ | 12.4 | | | $ | 421.6 | | | $ | — | | | $ | 434.1 | | |
|
Receivables, net of allowances | — | | | 247 | | | 833.9 | | | — | | | 1,080.90 | | |
|
Inventories | — | | | 436.3 | | | 792.4 | | | — | | | 1,228.70 | | |
|
Deferred income taxes | — | | | 25.4 | | | 18 | | | — | | | 43.4 | | |
|
Prepaid expenses and other | 1.8 | | | 23.5 | | | 74.7 | | | — | | | 100 | | |
|
Total current assets | 1.9 | | | 744.6 | | | 2,140.60 | | | — | | | 2,887.10 | | |
|
Property, plant and equipment, net | 0.4 | | | 186.3 | | | 841.9 | | | — | | | 1,028.60 | | |
|
Deferred income taxes | — | | | 1.9 | | | 16.7 | | | — | | | 18.6 | | |
|
Intercompany accounts | 1,210.40 | | | 378.4 | | | 40.1 | | | (1,628.9 | ) | | — | | |
|
Investment in subsidiaries | 1,147.10 | | | 1,374.30 | | | — | | | (2,521.4 | ) | | — | | |
|
Goodwill | — | | | 0.8 | | | 164.1 | | | — | | | 164.9 | | |
|
Intangible assets, net | — | | | 3.3 | | | 178.3 | | | — | | | 181.6 | | |
|
Unconsolidated affiliated companies | — | | | 12.6 | | | 6 | | | — | | | 18.6 | | |
|
Other non-current assets | 8.2 | | | 23.4 | | | 39.4 | | | — | | | 71 | | |
|
Total assets | $ | 2,368.00 | | | $ | 2,725.60 | | | $ | 3,427.10 | | | $ | (4,150.3 | ) | | $ | 4,370.40 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 100.1 | | | $ | 846.4 | | | $ | — | | | $ | 946.5 | | |
|
Accrued liabilities | 6.4 | | | 102.8 | | | 310.8 | | | — | | | 420 | | |
|
Current portion of long-term debt | 10.1 | | | — | | | 146.2 | | | — | | | 156.3 | | |
|
Total current liabilities | 16.5 | | | 202.9 | | | 1,303.40 | | | — | | | 1,522.80 | | |
|
Long-term debt | 813.5 | | | 34.9 | | | 44.2 | | | — | | | 892.6 | | |
|
Deferred income taxes | 139.4 | | | (18.1 | ) | | 78.7 | | | — | | | 200 | | |
|
Intercompany accounts | — | | | 1,250.50 | | | 378.4 | | | (1,628.9 | ) | | — | | |
|
Other liabilities | — | | | 108.3 | | | 134.8 | | | — | | | 243.1 | | |
|
Total liabilities | 969.4 | | | 1,578.50 | | | 1,939.50 | | | (1,628.9 | ) | | 2,858.50 | | |
|
Total Company shareholders’ equity | 1,398.60 | | | 1,147.10 | | | 1,374.30 | | | (2,521.4 | ) | | 1,398.60 | | |
|
Noncontrolling interest | — | | | — | | | 113.3 | | | — | | | 113.3 | | |
|
Total liabilities and equity | $ | 2,368.00 | | | $ | 2,725.60 | | | $ | 3,427.10 | | | $ | (4,150.3 | ) | | $ | 4,370.40 | | |
|
|
Condensed Balance Sheet Information |
December 31, 2011 - Effect of Restatement #1 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Receivables, net of allowances | — | | | — | | | — | | | — | | | — | | |
|
Inventories | — | | | — | | | (43.2 | ) | | — | | | (43.2 | ) | |
|
Deferred income taxes | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
|
Prepaid expenses and other | — | | | — | | | — | | | — | | | — | | |
|
Total current assets | — | | | — | | | (43.4 | ) | | — | | | (43.4 | ) | |
|
Property, plant and equipment, net | — | | | — | | | (4.8 | ) | | — | | | (4.8 | ) | |
|
Deferred income taxes | — | | | — | | | (2.4 | ) | | — | | | (2.4 | ) | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Investment in subsidiaries | (49.1 | ) | | (47.2 | ) | | — | | | 96.3 | | | — | | |
|
Goodwill | — | | | — | | | 3.2 | | | — | | | 3.2 | | |
|
Intangible assets, net | — | | | — | | | — | | | — | | | — | | |
|
Unconsolidated affiliated companies | — | | | — | | | — | | | — | | | — | | |
|
Other non-current assets | — | | | — | | | — | | | — | | | — | | |
|
Total assets | $ | (49.1 | ) | | $ | (47.2 | ) | | $ | (47.4 | ) | | $ | 96.3 | | | $ | (47.4 | ) | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Accrued liabilities | — | | | — | | | — | | | — | | | — | | |
|
Current portion of long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Total current liabilities | — | | | — | | | — | | | — | | | — | | |
|
Long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Deferred income taxes | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Other liabilities | 1.1 | | | 1.9 | | | (0.2 | ) | | — | | | 2.8 | | |
|
Total liabilities | 1.1 | | | 1.9 | | | (0.2 | ) | | — | | | 2.8 | | |
|
Total Company shareholders’ equity | (50.2 | ) | | (49.1 | ) | | (47.2 | ) | | 96.3 | | | (50.2 | ) | |
|
Noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Total liabilities and equity | $ | (49.1 | ) | | $ | (47.2 | ) | | $ | (47.4 | ) | | $ | 96.3 | | | $ | (47.4 | ) | |
|
Condensed Balance Sheet Information |
December 31, 2011 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | — | | | $ | (3.9 | ) | | $ | 3.9 | | | $ | — | | | $ | — | | |
|
Receivables, net of allowances | — | | | (42.9 | ) | | 42.9 | | | — | | | — | | |
|
Inventories | — | | | (43.2 | ) | | 43.2 | | | — | | | — | | |
|
Deferred income taxes | — | | | (0.2 | ) | | 0.2 | | | — | | | — | | |
|
Prepaid expenses and other | — | | | (2.0 | ) | | 2 | | | — | | | — | | |
|
Total current assets | — | | | (92.2 | ) | | 92.2 | | | — | | | — | | |
|
Property, plant and equipment, net | — | | | (9.5 | ) | | 9.5 | | | — | | | — | | |
|
Deferred income taxes | — | | | (1.9 | ) | | 1.9 | | | — | | | — | | |
|
Intercompany accounts | — | | | 17.6 | | | (3.2 | ) | | (14.4 | ) | | — | | |
|
Investment in subsidiaries | — | | | 0.1 | | | — | | | (0.1 | ) | | — | | |
|
Goodwill | — | | | — | | | — | | | — | | | — | | |
|
Intangible assets, net | — | | | — | | | — | | | — | | | — | | |
|
Unconsolidated affiliated companies | — | | | (5.4 | ) | | 5.4 | | | — | | | — | | |
|
Other non-current assets | — | | | — | | | — | | | — | | | — | | |
|
Total assets | $ | — | | | $ | (91.3 | ) | | $ | 105.8 | | | $ | (14.5 | ) | | $ | — | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | (6.9 | ) | | $ | 6.9 | | | $ | — | | | $ | — | | |
|
Accrued liabilities | — | | | (34.0 | ) | | 34 | | | — | | | — | | |
|
Current portion of long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Total current liabilities | — | | | (40.9 | ) | | 40.9 | | | — | | | — | | |
|
Long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Deferred income taxes | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | (32.0 | ) | | 46.4 | | | (14.4 | ) | | — | | |
|
Other liabilities | — | | | (18.4 | ) | | 18.4 | | | — | | | — | | |
|
Total liabilities | — | | | (91.3 | ) | | 105.7 | | | (14.4 | ) | | — | | |
|
Total Company shareholders’ equity | — | | | — | | | 0.1 | | | (0.1 | ) | | — | | |
|
Noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Total liabilities and equity | $ | — | | | $ | (91.3 | ) | | $ | 105.8 | | | $ | (14.5 | ) | | $ | — | | |
|
Condensed Balance Sheet Information |
December 31, 2011 - Effect of Restatement #2 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Receivables, net of allowances | — | | | — | | | (6.2 | ) | | — | | | (6.2 | ) | |
|
Inventories | — | | | — | | | 58.2 | | | — | | | 58.2 | | |
|
Deferred income taxes | — | | | — | | | 0.5 | | | — | | | 0.5 | | |
|
Prepaid expenses and other | — | | | — | | | 2.8 | | | — | | | 2.8 | | |
|
Total current assets | — | | | — | | | 55.3 | | | — | | | 55.3 | | |
|
Property, plant and equipment, net | — | | | — | | | (5.3 | ) | | — | | | (5.3 | ) | |
|
Deferred income taxes | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Investment in subsidiaries | (23.0 | ) | | (23.0 | ) | | — | | | 46 | | | — | | |
|
Goodwill | — | | | — | | | 3.3 | | | — | | | 3.3 | | |
|
Intangible assets, net | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) | |
|
Unconsolidated affiliated companies | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) | |
|
Other non-current assets | — | | | — | | | — | | | — | | | — | | |
|
Total assets | $ | (23.0 | ) | | $ | (23.0 | ) | | $ | 52.9 | | | $ | 46 | | | $ | 52.9 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Accrued liabilities | — | | | — | | | 78.5 | | | — | | | 78.5 | | |
|
Current portion of long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Total current liabilities | — | | | — | | | 78.5 | | | — | | | 78.5 | | |
|
Long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Deferred income taxes | — | | | — | | | (1.8 | ) | | — | | | (1.8 | ) | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Other liabilities | — | | | — | | | — | | | — | | | — | | |
|
Total liabilities | — | | | — | | | 76.7 | | | — | | | 76.7 | | |
|
Total Company shareholders’ equity | (23.0 | ) | | (23.0 | ) | | (23.0 | ) | | 46 | | | (23.0 | ) | |
|
Noncontrolling interest | — | | | — | | | (0.8 | ) | | — | | | (0.8 | ) | |
|
Total liabilities and equity | $ | (23.0 | ) | | $ | (23.0 | ) | | $ | 52.9 | | | $ | 46 | | | $ | 52.9 | | |
|
Condensed Balance Sheet Information |
December 31, 2011 - As Restated and Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | 0.1 | | | $ | 8.5 | | | $ | 425.5 | | | $ | — | | | $ | 434.1 | | |
|
Receivables, net of allowances | — | | | 204.1 | | | 870.6 | | | — | | | 1,074.70 | | |
|
Inventories | — | | | 393.1 | | | 850.6 | | | — | | | 1,243.70 | | |
|
Deferred income taxes | — | | | 25.2 | | | 18.5 | | | — | | | 43.7 | | |
|
Prepaid expenses and other | 1.8 | | | 21.5 | | | 79.5 | | | — | | | 102.8 | | |
|
Total current assets | 1.9 | | | 652.4 | | | 2,244.70 | | | — | | | 2,899.00 | | |
|
Property, plant and equipment, net | 0.4 | | | 176.8 | | | 841.3 | | | — | | | 1,018.50 | | |
|
Deferred income taxes | — | | | — | | | 16.2 | | | — | | | 16.2 | | |
|
Intercompany accounts | 1,210.40 | | | 396 | | | 36.9 | | | (1,643.3 | ) | | — | | |
|
Investment in subsidiaries | 1,075.00 | | | 1,304.20 | | | — | | | (2,379.2 | ) | | — | | |
|
Goodwill | — | | | 0.8 | | | 170.6 | | | — | | | 171.4 | | |
|
Intangible assets, net | — | | | 3.3 | | | 178.2 | | | — | | | 181.5 | | |
|
Unconsolidated affiliated companies | — | | | 7.2 | | | 11.1 | | | — | | | 18.3 | | |
|
Other non-current assets | 8.2 | | | 23.4 | | | 39.4 | | | — | | | 71 | | |
|
Total assets | $ | 2,295.90 | | | $ | 2,564.10 | | | $ | 3,538.40 | | | $ | (4,022.5 | ) | | $ | 4,375.90 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 93.2 | | | $ | 853.3 | | | $ | — | | | $ | 946.5 | | |
|
Accrued liabilities | 6.4 | | | 68.8 | | | 423.3 | | | — | | | 498.5 | | |
|
Current portion of long-term debt | 10.1 | | | — | | | 146.2 | | | — | | | 156.3 | | |
|
Total current liabilities | 16.5 | | | 162 | | | 1,422.80 | | | — | | | 1,601.30 | | |
|
Long-term debt | 813.5 | | | 34.9 | | | 44.2 | | | — | | | 892.6 | | |
|
Deferred income taxes | 139.4 | | | (18.1 | ) | | 76.9 | | | — | | | 198.2 | | |
|
Intercompany accounts | — | | | 1,218.50 | | | 424.8 | | | (1,643.3 | ) | | — | | |
|
Other liabilities | 1.1 | | | 91.8 | | | 153 | | | — | | | 245.9 | | |
|
Total liabilities | 970.5 | | | 1,489.10 | | | 2,121.70 | | | (1,643.3 | ) | | 2,938.00 | | |
|
Total Company shareholders’ equity | 1,325.40 | | | 1,075.00 | | | 1,304.20 | | | (2,379.2 | ) | | 1,325.40 | | |
|
Noncontrolling interest | — | | | — | | | 112.5 | | | — | | | 112.5 | | |
|
Total liabilities and equity | $ | 2,295.90 | | | $ | 2,564.10 | | | $ | 3,538.40 | | | $ | (4,022.5 | ) | | $ | 4,375.90 | | |
|
|
|
|
|
|
|
|
Condensed Balance Sheet Information |
December 31, 2010 - As Originally Filed |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | 29 | | | $ | 8 | | | $ | 421.7 | | | $ | — | | | $ | 458.7 | | |
|
Receivables, net of allowances | — | | | 249.7 | | | 817.3 | | | — | | | 1,067.00 | | |
|
Inventories, net | — | | | 380.8 | | | 738.1 | | | — | | | 1,118.90 | | |
|
Deferred income taxes | — | | | 26.5 | | | 13.3 | | | — | | | 39.8 | | |
|
Prepaid expenses and other | 1.8 | | | 38.3 | | | 81.2 | | | — | | | 121.3 | | |
|
Total current assets | 30.8 | | | 703.3 | | | 2,071.60 | | | — | | | 2,805.70 | | |
|
Property, plant and equipment, net | 0.4 | | | 194.8 | | | 844.4 | | | — | | | 1,039.60 | | |
|
Deferred income taxes | — | | | 1.1 | | | 10.2 | | | — | | | 11.3 | | |
|
Intercompany accounts | 1,169.70 | | | 368 | | | 22.4 | | | (1,560.1 | ) | | — | | |
|
Investment in subsidiaries | 1,202.50 | | | 1,361.50 | | | — | | | (2,564.0 | ) | | — | | |
|
Goodwill | — | | | 0.8 | | | 174.1 | | | — | | | 174.9 | | |
|
Intangible assets, net | — | | | 3.7 | | | 195.9 | | | — | | | 199.6 | | |
|
Unconsolidated affiliated companies | — | | | 11.2 | | | 6.1 | | | — | | | 17.3 | | |
|
Other non-current assets | 10 | | | 21.6 | | | 47.7 | | | — | | | 79.3 | | |
|
Total assets | $ | 2,413.40 | | | $ | 2,666.00 | | | $ | 3,372.40 | | | $ | (4,124.1 | ) | | $ | 4,327.70 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 110.6 | | | $ | 811.9 | | | $ | — | | | $ | 922.5 | | |
|
Accrued liabilities | 3.9 | | | 103.8 | | | 269 | | | — | | | 376.7 | | |
|
Current portion of long-term debt | — | | | — | | | 121 | | | — | | | 121 | | |
|
Total current liabilities | 3.9 | | | 214.4 | | | 1,201.90 | | | — | | | 1,420.20 | | |
|
Long-term debt | 802.9 | | | — | | | 61.6 | | | — | | | 864.5 | | |
|
Deferred income taxes | 124.3 | | | (16.7 | ) | | 94.8 | | | — | | | 202.4 | | |
|
Intercompany accounts | — | | | 1,161.60 | | | 398.5 | | | (1,560.1 | ) | | — | | |
|
Other liabilities | 0.3 | | | 104.2 | | | 130.8 | | | — | | | 235.3 | | |
|
Total liabilities | 931.4 | | | 1,463.50 | | | 1,887.60 | | | (1,560.1 | ) | | 2,722.40 | | |
|
Total Company shareholders’ equity | 1,482.00 | | | 1,202.50 | | | 1,361.50 | | | (2,564.0 | ) | | 1,482.00 | | |
|
Noncontrolling interest | — | | | — | | | 123.3 | | | — | | | 123.3 | | |
|
Total liabilities and equity | $ | 2,413.40 | | | $ | 2,666.00 | | | $ | 3,372.40 | | | $ | (4,124.1 | ) | | $ | 4,327.70 | | |
|
Condensed Balance Sheet Information |
December 31, 2010 - Effect of Restatement #1 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Receivables, net of allowances | — | | | — | | | — | | | — | | | — | | |
|
Inventories | — | | | — | | | (30.6 | ) | | — | | | (30.6 | ) | |
|
Deferred income taxes | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) | |
|
Prepaid expenses and other | — | | | — | | | — | | | — | | | — | | |
|
Total current assets | — | | | — | | | (31.2 | ) | | — | | | (31.2 | ) | |
|
Property, plant and equipment, net | — | | | — | | | (5.4 | ) | | — | | | (5.4 | ) | |
|
Deferred income taxes | — | | | — | | | (2.2 | ) | | — | | | (2.2 | ) | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Investment in subsidiaries | (36.9 | ) | | (35.0 | ) | | — | | | 71.9 | | | — | | |
|
Goodwill | — | | | — | | | 3.6 | | | — | | | 3.6 | | |
|
Intangible assets, net | — | | | — | | | — | | | — | | | — | | |
|
Unconsolidated affiliated companies | — | | | — | | | — | | | — | | | — | | |
|
Other non-current assets | — | | | — | | | — | | | — | | | — | | |
|
Total assets | $ | (36.9 | ) | | $ | (35.0 | ) | | $ | (35.2 | ) | | $ | 71.9 | | | $ | (35.2 | ) | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Accrued liabilities | — | | | — | | | — | | | — | | | — | | |
|
Current portion of long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Total current liabilities | — | | | — | | | — | | | — | | | — | | |
|
Long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Deferred income taxes | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Other liabilities | 1.1 | | | 1.9 | | | (0.2 | ) | | — | | | 2.8 | | |
|
Total liabilities | 1.1 | | | 1.9 | | | (0.2 | ) | | — | | | 2.8 | | |
|
Total Company shareholders’ equity | (38.0 | ) | | (36.9 | ) | | (35.0 | ) | | 71.9 | | | (38.0 | ) | |
|
Noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Total liabilities and equity | $ | (36.9 | ) | | $ | (35.0 | ) | | $ | (35.2 | ) | | $ | 71.9 | | | $ | (35.2 | ) | |
|
Condensed Balance Sheet Information |
December 31, 2010 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | — | | | $ | (5.1 | ) | | $ | 5.1 | | | $ | — | | | $ | — | | |
|
Receivables, net of allowances | — | | | (38.3 | ) | | 38.3 | | | — | | | — | | |
|
Inventories | — | | | (37.3 | ) | | 37.3 | | | — | | | — | | |
|
Deferred income taxes | — | | | (0.3 | ) | | 0.3 | | | — | | | — | | |
|
Prepaid expenses and other | — | | | (1.3 | ) | | 1.3 | | | — | | | — | | |
|
Total current assets | — | | | (82.3 | ) | | 82.3 | | | — | | | — | | |
|
Property, plant and equipment, net | — | | | (11.6 | ) | | 11.6 | | | — | | | — | | |
|
Deferred income taxes | — | | | (1.1 | ) | | 1.1 | | | — | | | — | | |
|
Intercompany accounts | — | | | 48 | | | (1.8 | ) | | (46.2 | ) | | — | | |
|
Investment in subsidiaries | — | | | (2.6 | ) | | — | | | 2.6 | | | — | | |
|
Goodwill | — | | | — | | | — | | | — | | | — | | |
|
Intangible assets, net | — | | | — | | | — | | | — | | | — | | |
|
Unconsolidated affiliated companies | — | | | (4.2 | ) | | 4.2 | | | — | | | — | | |
|
Other non-current assets | — | | | — | | | — | | | — | | | — | | |
|
Total assets | $ | — | | | $ | (53.8 | ) | | $ | 97.4 | | | $ | (43.6 | ) | | $ | — | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | (5.4 | ) | | $ | 5.4 | | | $ | — | | | $ | — | | |
|
Accrued liabilities | — | | | (32.7 | ) | | 32.7 | | | — | | | — | | |
|
Current portion of long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Total current liabilities | — | | | (38.1 | ) | | 38.1 | | | — | | | — | | |
|
Long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Deferred income taxes | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | (3.4 | ) | | 49.6 | | | (46.2 | ) | | — | | |
|
Other liabilities | — | | | (12.3 | ) | | 12.3 | | | — | | | — | | |
|
Total liabilities | — | | | (53.8 | ) | | 100 | | | (46.2 | ) | | — | | |
|
Total Company shareholders’ equity | — | | | — | | | (2.6 | ) | | 2.6 | | | — | | |
|
Noncontrolling interest | — | | | — | | | — | | | — | | | — | | |
|
Total liabilities and equity | $ | — | | | $ | (53.8 | ) | | $ | 97.4 | | | $ | (43.6 | ) | | $ | — | | |
|
Condensed Balance Sheet Information |
December 31, 2010 - Effect of Restatement #2 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Receivables, net of allowances | — | | | — | | | (4.1 | ) | | — | | | (4.1 | ) | |
|
Inventories | — | | | — | | | 15.3 | | | — | | | 15.3 | | |
|
Deferred income taxes | — | | | — | | | 0.3 | | | — | | | 0.3 | | |
|
Prepaid expenses and other | — | | | — | | | — | | | — | | | — | | |
|
Total current assets | — | | | — | | | 11.5 | | | — | | | 11.5 | | |
|
Property, plant and equipment, net | — | | | — | | | (2.3 | ) | | — | | | (2.3 | ) | |
|
Deferred income taxes | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Investment in subsidiaries | (14.3 | ) | | (14.3 | ) | | — | | | 28.6 | | | — | | |
|
Goodwill | — | | | — | | | — | | | — | | | — | | |
|
Intangible assets, net | — | | | — | | | — | | | — | | | — | | |
|
Unconsolidated affiliated companies | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) | |
|
Other non-current assets | — | | | — | | | 0.3 | | | — | | | 0.3 | | |
|
Total assets | $ | (14.3 | ) | | $ | (14.3 | ) | | $ | 9.2 | | | $ | 28.6 | | | $ | 9.2 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Accrued liabilities | — | | | — | | | 24.7 | | | — | | | 24.7 | | |
|
Current portion of long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Total current liabilities | — | | | — | | | 24.7 | | | — | | | 24.7 | | |
|
Long-term debt | — | | | — | | | — | | | — | | | — | | |
|
Deferred income taxes | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Other liabilities | — | | | — | | | — | | | — | | | — | | |
|
Total liabilities | — | | | — | | | 24.1 | | | — | | | 24.1 | | |
|
Total Company shareholders’ equity | (14.3 | ) | | (14.3 | ) | | (14.3 | ) | | 28.6 | | | (14.3 | ) | |
|
Noncontrolling interest | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) | |
|
Total liabilities and equity | $ | (14.3 | ) | | $ | (14.3 | ) | | $ | 9.2 | | | $ | 28.6 | | | $ | 9.2 | | |
|
Condensed Balance Sheet Information |
December 31, 2010 - As Restated and Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | 29 | | | $ | 2.9 | | | $ | 426.8 | | | $ | — | | | $ | 458.7 | | |
|
Receivables, net of allowances | — | | | 211.4 | | | 851.5 | | | — | | | 1,062.90 | | |
|
Inventories | — | | | 343.5 | | | 760.1 | | | — | | | 1,103.60 | | |
|
Deferred income taxes | — | | | 26.2 | | | 13.3 | | | — | | | 39.5 | | |
|
Prepaid expenses and other | 1.8 | | | 37 | | | 82.5 | | | — | | | 121.3 | | |
|
Total current assets | 30.8 | | | 621 | | | 2,134.20 | | | — | | | 2,786.00 | | |
|
Property, plant and equipment, net | 0.4 | | | 183.2 | | | 848.3 | | | — | | | 1,031.90 | | |
|
Deferred income taxes | — | | | — | | | 9.1 | | | — | | | 9.1 | | |
|
Intercompany accounts | 1,169.70 | | | 416 | | | 20.6 | | | (1,606.3 | ) | | — | | |
|
Investment in subsidiaries | 1,151.30 | | | 1,309.60 | | | — | | | (2,460.9 | ) | | — | | |
|
Goodwill | — | | | 0.8 | | | 177.7 | | | — | | | 178.5 | | |
|
Intangible assets, net | — | | | 3.7 | | | 195.9 | | | — | | | 199.6 | | |
|
Unconsolidated affiliated companies | — | | | 7 | | | 10 | | | — | | | 17 | | |
|
Other non-current assets | 10 | | | 21.6 | | | 48 | | | — | | | 79.6 | | |
|
Total assets | $ | 2,362.20 | | | $ | 2,562.90 | | | $ | 3,443.80 | | | $ | (4,067.2 | ) | | $ | 4,301.70 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 105.2 | | | $ | 817.3 | | | $ | — | | | $ | 922.5 | | |
|
Accrued liabilities | 3.9 | | | 71.1 | | | 326.4 | | | — | | | 401.4 | | |
|
Current portion of long-term debt | — | | | — | | | 121 | | | — | | | 121 | | |
|
Total current liabilities | 3.9 | | | 176.3 | | | 1,264.70 | | | — | | | 1,444.90 | | |
|
Long-term debt | 802.9 | | | — | | | 61.6 | | | — | | | 864.5 | | |
|
Deferred income taxes | 124.3 | | | (16.7 | ) | | 94.2 | | | — | | | 201.8 | | |
|
Intercompany accounts | — | | | 1,158.20 | | | 448.1 | | | (1,606.3 | ) | | — | | |
|
Other liabilities | 1.4 | | | 93.8 | | | 142.9 | | | — | | | 238.1 | | |
|
Total liabilities | 932.5 | | | 1,411.60 | | | 2,011.50 | | | (1,606.3 | ) | | 2,749.30 | | |
|
Total Company shareholders’ equity | 1,429.70 | | | 1,151.30 | | | 1,309.60 | | | (2,460.9 | ) | | 1,429.70 | | |
|
Noncontrolling interest | — | | | — | | | 122.7 | | | — | | | 122.7 | | |
|
Total liabilities and equity | $ | 2,362.20 | | | $ | 2,562.90 | | | $ | 3,443.80 | | | $ | (4,067.2 | ) | | $ | 4,301.70 | | |
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2011 - As Originally Filed |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 53.3 | | | $ | 44.4 | | | $ | (0.4 | ) | | $ | — | | | $ | 97.3 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | (0.2 | ) | | (21.4 | ) | | (100.2 | ) | | — | | | (121.8 | ) | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | 2.4 | | | 4.1 | | | — | | | 6.5 | | |
|
Other, net | — | | | (58.2 | ) | | 59.3 | | | — | | | 1.1 | | |
|
Net cash flows of investing activities | (0.2 | ) | | (77.2 | ) | | (36.8 | ) | | — | | | (114.2 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
|
Excess tax benefits from stock-based compensation | 1 | | | — | | | — | | | — | | | 1 | | |
|
Intercompany accounts | (21.0 | ) | | 9 | | | 12 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 940 | | | 951.4 | | | — | | | 1,891.40 | | |
|
Repayments of other debt | — | | | (905.2 | ) | | (930.6 | ) | | — | | | (1,835.8 | ) | |
|
Repurchase of common shares | (62.5 | ) | | — | | | — | | | — | | | (62.5 | ) | |
|
Proceeds from exercise of stock options | 1.5 | | | — | | | — | | | — | | | 1.5 | | |
|
Dividends paid to non-controlling interest | — | | | — | | | (3.8 | ) | | — | | | (3.8 | ) | |
|
Net cash flows of financing activities | (81.3 | ) | | 43.8 | | | 29 | | | — | | | (8.5 | ) | |
|
Effect of exchange rate changes on cash and cash equivalents | (0.7 | ) | | (6.6 | ) | | 8.1 | | | — | | | 0.8 | | |
|
Increase (decrease) in cash and cash equivalents | (28.9 | ) | | 4.4 | | | (0.1 | ) | | — | | | (24.6 | ) | |
|
Cash and cash equivalents — beginning of period | 29 | | | 8 | | | 421.7 | | | — | | | 458.7 | | |
|
Cash and cash equivalents — end of period | $ | 0.1 | | | $ | 12.4 | | | $ | 421.6 | | | $ | — | | | $ | 434.1 | | |
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2011 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | — | | | $ | 7.7 | | | $ | (7.7 | ) | | $ | — | | | $ | — | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | 0.8 | | | (0.8 | ) | | — | | | — | | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | (2.4 | ) | | 2.4 | | | — | | | — | | |
|
Other, net | — | | | 0.1 | | | (0.1 | ) | | — | | | — | | |
|
Net cash flows of investing activities | — | | | (1.5 | ) | | 1.5 | | | — | | | — | | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | — | | | — | | | — | | | — | | | — | | |
|
Excess tax benefits from stock-based compensation | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | (5.4 | ) | | 5.4 | | | — | | | — | | |
|
Proceeds from other debt | — | | | — | | | — | | | — | | | — | | |
|
Repayments of other debt | — | | | — | | | — | | | — | | | — | | |
|
Repurchase of common shares | — | | | | | | | | | — | | |
|
Proceeds from exercise of stock options | — | | | — | | | — | | | — | | | — | | |
|
Dividends paid to non-controlling interest | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of financing activities | — | | | (5.4 | ) | | 5.4 | | | — | | | — | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | 0.4 | | | (0.4 | ) | | — | | | — | | |
|
Increase (decrease) in cash and cash equivalents | — | | | 1.2 | | | (1.2 | ) | | — | | | — | | |
|
Cash and cash equivalents — beginning of period | — | | | (5.1 | ) | | 5.1 | | | — | | | — | | |
|
Cash and cash equivalents — end of period | $ | — | | | $ | (3.9 | ) | | $ | 3.9 | | | $ | — | | | $ | — | | |
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2011 - Effect of Restatement #2 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | — | | | $ | — | | | $ | 0.5 | | | $ | — | | | $ | 0.5 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | — | | | 0.3 | | | — | | | 0.3 | | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | — | | | — | | | — | | | — | | |
|
Other, net | — | | | — | | | (0.8 | ) | | — | | | (0.8 | ) | |
|
Net cash flows of investing activities | — | | | — | | | (0.5 | ) | | — | | | (0.5 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | — | | | — | | | — | | | — | | | — | | |
|
Excess tax benefits from stock-based compensation | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from other debt | — | | | — | | | — | | | — | | | — | | |
|
Repayments of other debt | — | | | — | | | — | | | — | | | — | | |
|
Repurchase of common shares | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from exercise of stock options | — | | | — | | | — | | | — | | | — | | |
|
Dividends paid to non-controlling interest | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of financing activities | — | | | — | | | — | | | — | | | — | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | — | | | — | | |
|
Increase (decrease) in cash and cash equivalents | — | | | — | | | — | | | — | | | — | | |
|
Cash and cash equivalents — beginning of period | — | | | — | | | — | | | — | | | — | | |
|
Cash and cash equivalents — end of period | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2011 - As Restated and Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
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, net | — | | | (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: | | | | | | | | | | |
Dividends 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 | ) | |
|
Repurchase of common shares | (62.5 | ) | | — | | | — | | | — | | | (62.5 | ) | |
|
Proceeds from exercise of stock options | 1.5 | | | — | | | — | | | — | | | 1.5 | | |
|
Dividends paid to non-controlling interest | — | | | — | | | (3.8 | ) | | — | | | (3.8 | ) | |
|
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 | | |
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2010 - As Originally Filed |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 44.3 | | | $ | 27.2 | | | $ | 27.4 | | | $ | — | | | $ | 98.9 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | (20.1 | ) | | (96.3 | ) | | — | | | (116.4 | ) | |
|
Acquisitions, net of cash acquired | — | | | (3.9 | ) | | (26.7 | ) | | — | | | (30.6 | ) | |
|
Proceeds from properties sold | — | | | 1.2 | | | 7.9 | | | — | | | 9.1 | | |
|
Other, net | — | | | 2.8 | | | 1.3 | | | — | | | 4.1 | | |
|
Net cash flows of investing activities | — | | | (20.0 | ) | | (113.8 | ) | | — | | | (133.8 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
|
Excess tax benefits from stock-based compensation | (0.1 | ) | | — | | | — | | | — | | | (0.1 | ) | |
|
Intercompany accounts | (38.0 | ) | | (7.2 | ) | | 45.2 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 145.4 | | | 606.8 | | | — | | | 752.2 | | |
|
Repayments of other debt | — | | | (145.5 | ) | | (565.1 | ) | | — | | | (710.6 | ) | |
|
Proceeds from exercise of stock options | 0.4 | | | — | | | — | | | — | | | 0.4 | | |
|
Dividends paid to non-controlling interest | — | | | — | | | (4.3 | ) | | — | | | (4.3 | ) | |
|
Net cash flows of financing activities | (38.0 | ) | | (7.3 | ) | | 82.6 | | | — | | | 37.3 | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | (2.1 | ) | | (41.0 | ) | | — | | | (43.1 | ) | |
|
Increase (decrease) in cash and cash equivalents | 6.3 | | | (2.2 | ) | | (44.8 | ) | | — | | | (40.7 | ) | |
|
Cash and cash equivalents — beginning of period | 22.7 | | | 10.2 | | | 466.5 | | | — | | | 499.4 | | |
|
Cash and cash equivalents — end of period | $ | 29 | | | $ | 8 | | | $ | 421.7 | | | $ | — | | | $ | 458.7 | | |
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2010 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | — | | | $ | (5.2 | ) | | $ | 5.2 | | | $ | — | | | $ | — | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | 1 | | | (1.0 | ) | | — | | | — | | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | — | | | — | | | — | | | — | | |
|
Other, net | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of investing activities | — | | | 1 | | | (1.0 | ) | | — | | | — | | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | — | | | — | | | — | | | — | | | — | | |
|
Excess tax benefits from stock-based compensation | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | 4.6 | | | (4.6 | ) | | — | | | — | | |
|
Proceeds from other debt | — | | | — | | | — | | | — | | | — | | |
|
Repayments of other debt | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from exercise of stock options | — | | | — | | | — | | | — | | | — | | |
|
Dividends paid to non-controlling interest | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of financing activities | — | | | 4.6 | | | (4.6 | ) | | — | | | — | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | 2.1 | | | (2.1 | ) | | — | | | — | | |
|
Increase (decrease) in cash and cash equivalents | — | | | 2.5 | | | (2.5 | ) | | — | | | — | | |
|
Cash and cash equivalents — beginning of period | — | | | (7.6 | ) | | 7.6 | | | — | | | — | | |
|
Cash and cash equivalents — end of period | $ | — | | | $ | (5.1 | ) | | $ | 5.1 | | | $ | — | | | $ | — | | |
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2010 - Effect of Restatement #2 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | — | | | $ | — | | | $ | (1.1 | ) | | $ | — | | | $ | (1.1 | ) | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | — | | | 1.1 | | | — | | | 1.1 | | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | — | | | — | | | — | | | — | | |
|
Other, net | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of investing activities | — | | | — | | | 1.1 | | | — | | | 1.1 | | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | — | | | — | | | — | | | — | | | — | | |
|
Excess tax benefits from stock-based compensation | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from other debt | — | | | — | | | — | | | — | | | — | | |
|
Repayments of other debt | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from exercise of stock options | — | | | — | | | — | | | — | | | — | | |
|
Dividends paid to non-controlling interest | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of financing activities | — | | | — | | | — | | | — | | | — | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | — | | | — | | |
|
Increase (decrease) in cash and cash equivalents | — | | | — | | | — | | | — | | | — | | |
|
Cash and cash equivalents — beginning of period | — | | | — | | | — | | | — | | | — | | |
|
Cash and cash equivalents — end of period | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2010 - As Restated and Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 44.3 | | | $ | 22 | | | $ | 31.5 | | | $ | — | | | $ | 97.8 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | (19.1 | ) | | (96.2 | ) | | — | | | (115.3 | ) | |
|
Acquisitions, net of cash acquired | — | | | (3.9 | ) | | (26.7 | ) | | — | | | (30.6 | ) | |
|
Proceeds from properties sold | — | | | 1.2 | | | 7.9 | | | — | | | 9.1 | | |
|
Other, net | — | | | 2.8 | | | 1.3 | | | — | | | 4.1 | | |
|
Net cash flows of investing activities | — | | | (19.0 | ) | | (113.7 | ) | | — | | | (132.7 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Dividends paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
|
Excess tax benefits from stock-based compensation | (0.1 | ) | | — | | | — | | | — | | | (0.1 | ) | |
|
Intercompany accounts | (38.0 | ) | | (2.6 | ) | | 40.6 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 145.4 | | | 606.8 | | | — | | | 752.2 | | |
|
Repayments of other debt | — | | | (145.5 | ) | | (565.1 | ) | | — | | | (710.6 | ) | |
|
Proceeds from exercise of stock options | 0.4 | | | — | | | — | | | — | | | 0.4 | | |
|
Dividends paid to non-controlling interest | — | | | — | | | (4.3 | ) | | — | | | (4.3 | ) | |
|
Net cash flows of financing activities | (38.0 | ) | | (2.7 | ) | | 78 | | | — | | | 37.3 | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | (43.1 | ) | | — | | | (43.1 | ) | |
|
Increase (decrease) in cash and cash equivalents | 6.3 | | | 0.3 | | | (47.3 | ) | | — | | | (40.7 | ) | |
|
Cash and cash equivalents — beginning of period | 22.7 | | | 2.6 | | | 474.1 | | | — | | | 499.4 | | |
|
Cash and cash equivalents — end of period | $ | 29 | | | $ | 2.9 | | | $ | 426.8 | | | $ | — | | | $ | 458.7 | | |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2009 - As Originally Filed |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 49.2 | | | $ | 21.9 | | | $ | 475.2 | | | $ | — | | | $ | 546.3 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | (28.7 | ) | | (114.9 | ) | | — | | | (143.6 | ) | |
|
Acquisitions, net of cash acquired | — | | | (13.7 | ) | | — | | | — | | | (13.7 | ) | |
|
Proceeds from properties sold | — | | | 0.2 | | | 0.8 | | | — | | | 1 | | |
|
Other, net | — | | | (3.8 | ) | | — | | | — | | | (3.8 | ) | |
|
Net cash flows of investing activities | — | | | (46.0 | ) | | (114.1 | ) | | — | | | (160.1 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | | | | | | |
|
Dividends paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
|
Excess tax benefits from stock-based compensation | 0.7 | | | — | | | — | | | — | | | 0.7 | | |
|
Intercompany accounts | (15.1 | ) | | 7.7 | | | 7.4 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 316.5 | | | 916.5 | | | — | | | 1,233.00 | | |
|
Repayments of other debt | — | | | (318.8 | ) | | (1,074.2 | ) | | — | | | (1,393.0 | ) | |
|
Payment of deferred financing fees | (14.5 | ) | | — | | | — | | | — | | | (14.5 | ) | |
|
Proceeds from exercise of stock options | 0.4 | | | — | | | — | | | — | | | 0.4 | | |
|
Net cash flows of financing activities | (28.8 | ) | | 5.4 | | | (150.3 | ) | | — | | | (173.7 | ) | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | 0.8 | | | 3.5 | | | — | | | 4.3 | | |
|
Increase (decrease) in cash and cash equivalents | 20.4 | | | (17.9 | ) | | 214.3 | | | — | | | 216.8 | | |
|
Cash and cash equivalents — beginning of period | 2.3 | | | 28.1 | | | 252.2 | | | — | | | 282.6 | | |
|
Cash and cash equivalents — end of period | $ | 22.7 | | | $ | 10.2 | | | $ | 466.5 | | | $ | — | | | $ | 499.4 | | |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2009 - Effect of Recast |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | — | | | $ | 9.9 | | | $ | (9.9 | ) | | $ | — | | | $ | — | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | 2.2 | | | (2.2 | ) | | — | | | — | | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | — | | | — | | | — | | | — | | |
|
Other, net | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of investing activities | — | | | 2.2 | | | (2.2 | ) | | — | | | — | | |
|
Cash flows of financing activities: | | | | | | | | | | | | | | | |
|
Dividends paid | — | | | — | | | — | | | — | | | — | | |
|
Excess tax benefits from stock-based compensation | — | | | — | | | — | | | — | | | — | | |
|
Intercompany accounts | — | | | (0.9 | ) | | 0.9 | | | — | | | — | | |
|
Proceeds from other debt | — | | | — | | | — | | | — | | | — | | |
|
Repayments of other debt | — | | | — | | | — | | | — | | | — | | |
|
Payment of deferred financing fees | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from exercise of stock options | — | | | — | | | — | | | — | | | — | | |
|
Net cash flows of financing activities | — | | | (0.9 | ) | | 0.9 | | | — | | | — | | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | (0.8 | ) | | 0.8 | | | — | | | — | | |
|
Increase (decrease) in cash and cash equivalents | — | | | 10.4 | | | (10.4 | ) | | — | | | — | | |
|
Cash and cash equivalents — beginning of period | — | | | (18.0 | ) | | 18 | | | — | | | — | | |
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Cash and cash equivalents — end of period | $ | — | | | $ | (7.6 | ) | | $ | 7.6 | | | $ | — | | | $ | — | | |
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Condensed Statement of Cash Flows Information |
Year Ended December 31, 2009 - As Recast |
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| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 49.2 | | | $ | 31.8 | | | $ | 465.3 | | | $ | — | | | $ | 546.3 | | |
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Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | — | | | (26.5 | ) | | (117.1 | ) | | — | | | (143.6 | ) | |
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Acquisitions, net of cash acquired | — | | | (13.7 | ) | | — | | | — | | | (13.7 | ) | |
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Proceeds from properties sold | — | | | 0.2 | | | 0.8 | | | — | | | 1 | | |
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Other, net | — | | | (3.8 | ) | | — | | | — | | | (3.8 | ) | |
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Net cash flows of investing activities | — | | | (43.8 | ) | | (116.3 | ) | | — | | | (160.1 | ) | |
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Cash flows of financing activities: | | | | | | | | | | | | | | | |
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Dividends paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
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Excess tax benefits from stock-based compensation | 0.7 | | | — | | | — | | | — | | | 0.7 | | |
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Intercompany accounts | (15.1 | ) | | 6.8 | | | 8.3 | | | — | | | — | | |
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Proceeds from other debt | — | | | 316.5 | | | 916.5 | | | — | | | 1,233.00 | | |
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Repayments of other debt | — | | | (318.8 | ) | | (1,074.2 | ) | | — | | | (1,393.0 | ) | |
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Payment of deferred financing fees | (14.5 | ) | | — | | | — | | | — | | | (14.5 | ) | |
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Proceeds from exercise of stock options | 0.4 | | | — | | | — | | | — | | | 0.4 | | |
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Net cash flows of financing activities | (28.8 | ) | | 4.5 | | | (149.4 | ) | | — | | | (173.7 | ) | |
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Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | 4.3 | | | — | | | 4.3 | | |
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Increase (decrease) in cash and cash equivalents | 20.4 | | | (7.5 | ) | | 203.9 | | | — | | | 216.8 | | |
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Cash and cash equivalents — beginning of period | 2.3 | | | 10.1 | | | 270.2 | | | — | | | 282.6 | | |
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Cash and cash equivalents — end of period | $ | 22.7 | | | $ | 2.6 | | | $ | 474.1 | | | $ | — | | | $ | 499.4 | | |
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Notes to Parent Company Condensed Financial Information |
Basis of Presentation |
In accordance with the requirements of Regulation S-X of the Securities and Exchange Commission, restricted net assets of the Company’s subsidiaries exceeded 25% of the Company’s total consolidated net assets. The Company’s Spanish Term Loans include covenants that require its Spanish subsidiary to maintain minimum net assets of 197 million Euros. This financial information is condensed and omits many disclosures presented in the Consolidated Financial Statements and Notes thereto. |
New Accounting Pronouncements |
During the year ended December 31, 2011, the Company did not change any of its existing accounting policies. During the year ended December 31, 2010 with the exception of the change in method of accounting for its North American inventories and non-North American metal inventories from the LIFO method to the average cost method on January 1, 2010, as discussed above and the following accounting pronouncements, which were adopted and became effective with respect to the Company in 2011 and 2010: |
In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04 accounting guidance related to fair value measurements ASC 820 - Fair Value Measurement. The new guidance provides clarification to existing standards, and also provides new required disclosures, primarily related to Level 3 fair value measurements. This guidance will become effective for the Company on January 1, 2012. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. |
In June 2011, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance surrounding the presentation of comprehensive income, with an objective of increasing the prominence of items reported in other comprehensive income (“OCI”). The guidance requires most entities to present items of net income and other comprehensive income either in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. We have adopted this guidance with retrospective application as of January 1, 2012, and have presented total comprehensive income in our Consolidated Statements of Operations and Comprehensive Income (Loss). |
In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities." The amendments in this update require enhanced disclosures around financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. The Company provided the disclosures required by those amendments retrospectively for all comparative periods presented. We have adopted the required disclosure under this guidance with retrospective application as of January 1, 2013, see Note 10. |
In January 2010, the FASB issued Accounting Standards Update No. 2010-06 “Fair Value Measurements and Disclosures — Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires new disclosures for significant transfers in and out of Level 1 and 2 of the fair value hierarchy and the activity within Level 3 of the fair value hierarchy. The updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2009, with the exception of the new Level 3 activity disclosures, which are effective for interim and annual reporting periods beginning after December 15, 2010. The adoption of this accounting standard had no impact on the Company’s Consolidated Financial Statements. |
In May 2010, the FASB issued ASU No. 2010-19 “Foreign Currency (Topic 830) Foreign Currency Issues: Multiple Foreign Currency Exchange Rates” (“ASU 2010-19”). ASU 2010-19 increases financial statement disclosures where reported balances for financial reporting purposes differ from the actual U.S. dollar denominated balances. The amendments in this update are effective as of the announcement date of March 18, 2010. The Company included information required by the standard to the Notes included herein. |
The FASB issued ASU No. 2010-12 "Income Taxes (Topic 740): Accounting for Certain Tax Effects of the 2010 Health Care Reform Acts" ("ASU 2010-12"), which codifies an SEC Staff Announcement relating to accounting for the Health Care and Education Reconciliation Act of 2010 and the Patient Protection and Affordable Care Act under ASC 740 - Income Taxes. Management completed its assessment and adoption of ASU 2010-12 in the third quarter of 2010, and determined it has no material impact on the Company. |
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 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. |
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below: |
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| | Year ended | | | | | | | | |
(in millions) | | Dec 31, 2011 | | Dec 31, 2010 | | Dec 31, 2009 | | | | | | | | |
Beginning Balance | | $ | 1,169.70 | | | $ | 1,091.50 | | | $ | 1,037.30 | | | | | | | | | |
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Non-cash transactions | | | | | | | | | | | | | | |
Convertible notes and other debt | | — | | | — | | | 8.9 | | | | | | | | | |
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Deferred tax | | 8 | | | 30.5 | | | — | | | | | | | | | |
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Equity based awards | | 12.7 | | | 9 | | | 10.9 | | | | | | | | | |
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Foreign currency and other | | (1.0 | ) | | 0.7 | | | 19.3 | | | | | | | | | |
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Cash transactions | | 21 | | | 38 | | | 15.1 | | | | | | | | | |
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Ending Balance | | $ | 1,210.40 | | | $ | 1,169.70 | | | $ | 1,091.50 | | | | | | | | | |
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Dividends |
There were no dividend payments to the Parent Company from the Guarantor Subsidiaries in the twelve months ended December 31, 2011, 2010, and 2009. |
Parent Company Long-Term Debt |
At December 31, 2011 and 2010, the Parent Company was party to various long-term financing arrangements, as summarized below (in millions): |
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(in millions) | | Dec 31, 2011 | | Dec 31, 2010 | | | | | | | | | | | | |
Subordinated Convertible Notes due 2029 | | $ | 429.5 | | | $ | 429.5 | | | | | | | | | | | | | |
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Debt discount on Subordinated Convertible Notes due 2029 | | (264.4 | ) | | (265.6 | ) | | | | | | | | | | | | |
1.00% Senior Convertible Notes due 2012 | | 10.6 | | | 10.6 | | | | | | | | | | | | | |
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Debt discount on 1.00% Senior Convertible Notes due 2012 | | (0.5 | ) | | (1.1 | ) | | | | | | | | | | | | |
0.875% Convertible Notes due 2013 | | 355 | | | 355 | | | | | | | | | | | | | |
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Debt discount on 0.875% Convertible Notes due 2013 | | (40.6 | ) | | (59.5 | ) | | | | | | | | | | | | |
7.125% Senior Notes due 2017 | | 200 | | | 200 | | | | | | | | | | | | | |
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Senior Floating Rate Notes | | 125 | | | 125 | | | | | | | | | | | | | |
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Other | | 9 | | | 9 | | | | | | | | | | | | | |
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Total Parent Company debt | | 823.6 | | | 802.9 | | | | | | | | | | | | | |
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Less current maturities | | 10.1 | | | — | | | | | | | | | | | | | |
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Parent Company Long-term debt | | $ | 813.5 | | | $ | 802.9 | | | | | | | | | | | | | |
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(in millions) | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 |
Debt maturities | | $ | 10.1 | | | $ | 314.4 | | | $ | — | | | $ | 125 | | | $ | — | |
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Long-term debt related to the Parent Company is discussed in Note 9 - Long-Term Debt. |
Income Taxes |
The Guarantor Subsidiaries’ current year income tax expense is largely offset by a benefit from the release of reserves for uncertain tax positions. The Non-Guarantor Subsidiaries’ income tax provision reflects the impact of valuation allowances recorded against the deferred tax assets in certain Foreign jurisdictions and an increase in reserves for uncertain tax positions. For additional information on income taxes refer to Note 11 - Income Taxes. |
Commitments and Contingencies |
For contingencies and guarantees related to the Parent Company, refer to Note 9 - Long-Term Debt and Note 17 - Commitments and Contingencies. |