Supplemental Guarantor Condensed Financial Information | 6 Months Ended |
Jun. 27, 2014 |
Quarterly Financial Information Disclosure [Abstract] | ' |
Supplemental Guarantor and Parent Company Condensed Financial Information | ' |
Supplemental Guarantor Condensed Financial Information |
General Cable Corporation (“Parent Company”) and its U.S. 100% wholly-owned subsidiaries (“Guarantor Subsidiaries”) fully and unconditionally guarantee the $600.0 million of 5.75% Senior Notes due in 2022 and the $125.0 million of Senior Floating Rate Notes due in 2015 of the Parent Company on a joint and several basis. The following tables present financial information about the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries in millions. Intercompany transactions are eliminated in the "Eliminations" column of the Supplemental Guarantor Condensed Financial Information tables. |
Condensed Statements of Operations and Comprehensive Income (Loss) Information |
Three Fiscal Months Ended June 27, 2014 |
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| Parent | | Guarantor Subsidiaries | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries |
Net sales: | | | | | | | | | |
Customers | $ | — | | | $ | 542.7 | | | $ | 988.6 | | | $ | — | | | $ | 1,531.30 | |
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Intercompany | 15.4 | | | 64.3 | | | 58.8 | | | (138.5 | ) | | — | |
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| 15.4 | | | 607 | | | 1,047.40 | | | (138.5 | ) | | 1,531.30 | |
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Cost of sales | — | | | 544.4 | | | 978.2 | | | (123.1 | ) | | 1,399.50 | |
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Gross profit | 15.4 | | | 62.6 | | | 69.2 | | | (15.4 | ) | | 131.8 | |
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Selling, general and administrative expenses | 12.4 | | | 47.1 | | | 71.5 | | | (15.4 | ) | | 115.6 | |
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Goodwill impairment charge | — | | | — | | | — | | | — | | | — | |
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Indefinite-lived intangible asset impairment charge | — | | | 2.1 | | | — | | | — | | | 2.1 | |
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Operating income (loss) | 3 | | | 13.4 | | | (2.3 | ) | | — | | | 14.1 | |
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Other income (expense) | — | | | 0.2 | | | 3.4 | | | — | | | 3.6 | |
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Interest income (expense): | | | | | | | | | |
Interest expense | (16.4 | ) | | (15.7 | ) | | (14.4 | ) | | 16.8 | | | (29.7 | ) |
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Interest income | 13.2 | | | 3.6 | | | 1 | | | (16.8 | ) | | 1 | |
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| (3.2 | ) | | (12.1 | ) | | (13.4 | ) | | — | | | (28.7 | ) |
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Income (loss) before income taxes | (0.2 | ) | | 1.5 | | | (12.3 | ) | | — | | | (11.0 | ) |
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Income tax (provision) benefit | (1.3 | ) | | (2.2 | ) | | (8.6 | ) | | — | | | (12.1 | ) |
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Equity in net earnings of affiliated companies and subsidiaries | (23.3 | ) | | (22.6 | ) | | 0.3 | | | 46 | | | 0.4 | |
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Net income (loss) including non-controlling interest | (24.8 | ) | | (23.3 | ) | | (20.6 | ) | | 46 | | | (22.7 | ) |
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Less: net income (loss) attributable to non-controlling interest | — | | | — | | | 2.1 | | | — | | | 2.1 | |
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Net income (loss) attributable to Company common shareholders | $ | (24.8 | ) | | $ | (23.3 | ) | | $ | (22.7 | ) | | $ | 46 | | | $ | (24.8 | ) |
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Comprehensive income (loss): | | | | | | | | | |
Net income (loss) | $ | (24.8 | ) | | $ | (23.3 | ) | | $ | (20.6 | ) | | $ | 46 | | | $ | (22.7 | ) |
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Currency translation gain (loss) | 10.4 | | | 10.4 | | | 4.2 | | | (16.0 | ) | | 9 | |
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Defined benefit plan adjustments, net of tax | 4.1 | | | 4.1 | | | 3.4 | | | (7.4 | ) | | 4.2 | |
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Comprehensive income (loss), net of tax | (10.3 | ) | | (8.8 | ) | | (13.0 | ) | | 22.6 | | | (9.5 | ) |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | 0.8 | | | — | | | 0.8 | |
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Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | (10.3 | ) | | $ | (8.8 | ) | | $ | (13.8 | ) | | $ | 22.6 | | | $ | (10.3 | ) |
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Condensed Statements of Operations and Comprehensive Income (Loss) Information |
Six Fiscal Months Ended June 27, 2014 |
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| Parent | | Guarantor Subsidiaries | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries |
Net sales: | | | | | | | | | |
Customers | $ | — | | | $ | 1,018.40 | | | $ | 1,943.00 | | | $ | — | | | $ | 2,961.40 | |
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Intercompany | 33.1 | | | 145.9 | | | 112 | | | (291.0 | ) | | — | |
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| 33.1 | | | 1,164.30 | | | 2,055.00 | | | (291.0 | ) | | 2,961.40 | |
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Cost of sales | — | | | 1,030.60 | | | 1,924.80 | | | (257.9 | ) | | 2,697.50 | |
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Gross profit | 33.1 | | | 133.7 | | | 130.2 | | | (33.1 | ) | | 263.9 | |
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Selling, general and administrative expenses | 27.2 | | | 88.6 | | | 153.6 | | | (33.1 | ) | | 236.3 | |
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Goodwill impairment charge | — | | | — | | | 155.1 | | | — | | | 155.1 | |
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Indefinite-lived intangible asset impairment charge | — | | | 2.1 | | | 93.4 | | | — | | | 95.5 | |
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Operating income (loss) | 5.9 | | | 43 | | | (271.9 | ) | | — | | | (223.0 | ) |
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Other income (expense) | — | | | (2.7 | ) | | (91.4 | ) | | — | | | (94.1 | ) |
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Interest income (expense): | | | | | | | | | |
Interest expense | (31.4 | ) | | (32.4 | ) | | (27.9 | ) | | 34.6 | | | (57.1 | ) |
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Interest income | 27.3 | | | 7.3 | | | 2.2 | | | (34.6 | ) | | 2.2 | |
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| (4.1 | ) | | (25.1 | ) | | (25.7 | ) | | — | | | (54.9 | ) |
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Income (loss) before income taxes | 1.8 | | | 15.2 | | | (389.0 | ) | | — | | | (372.0 | ) |
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Income tax (provision) benefit | (1.6 | ) | | (3.1 | ) | | 14 | | | — | | | 9.3 | |
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Equity in net earnings of affiliated companies and subsidiaries | (340.4 | ) | | (352.5 | ) | | 0.4 | | | 693.1 | | | 0.6 | |
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Net income (loss) including non-controlling interest | (340.2 | ) | | (340.4 | ) | | (374.6 | ) | | 693.1 | | | (362.1 | ) |
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Less: net income (loss) attributable to non-controlling interest | — | | | — | | | (21.9 | ) | | — | | | (21.9 | ) |
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Net income (loss) attributable to Company common shareholders | $ | (340.2 | ) | | $ | (340.4 | ) | | $ | (352.7 | ) | | $ | 693.1 | | | $ | (340.2 | ) |
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Comprehensive income (loss): | | | | | | | | | |
Net income (loss) | $ | (340.2 | ) | | $ | (340.4 | ) | | $ | (374.6 | ) | | $ | 693.1 | | | $ | (362.1 | ) |
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Currency translation gain (loss) | 0.6 | | | 0.6 | | | (3.9 | ) | | 0.9 | | | (1.8 | ) |
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Defined benefit plan adjustments, net of tax | 5 | | | 5 | | | 3.6 | | | (8.5 | ) | | 5.1 | |
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Comprehensive income (loss), net of tax | (334.6 | ) | | (334.8 | ) | | (374.9 | ) | | 685.5 | | | (358.8 | ) |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (24.2 | ) | | — | | | (24.2 | ) |
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Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | (334.6 | ) | | $ | (334.8 | ) | | $ | (350.7 | ) | | $ | 685.5 | | | $ | (334.6 | ) |
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Condensed Statements of Operations and Comprehensive Income (Loss) Information |
Three Fiscal Months Ended June 28, 2013 |
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| Parent | | Guarantor Subsidiaries | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries |
Net sales: | | | | | | | | | |
Customers | $ | — | | | $ | 584.9 | | | $ | 1,074.20 | | | $ | — | | | $ | 1,659.10 | |
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Intercompany | 15.7 | | | 70.9 | | | 72.2 | | | (158.8 | ) | | — | |
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| 15.7 | | | 655.8 | | | 1,146.40 | | | (158.8 | ) | | 1,659.10 | |
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Cost of sales | — | | | 572.9 | | | 1,036.50 | | | (143.1 | ) | | 1,466.30 | |
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Gross profit | 15.7 | | | 82.9 | | | 109.9 | | | (15.7 | ) | | 192.8 | |
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Selling, general and administrative expenses | 12.7 | | | 49.6 | | | 75.4 | | | (15.7 | ) | | 122 | |
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Operating income (loss) | 3 | | | 33.3 | | | 34.5 | | | — | | | 70.8 | |
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Other income (expense) | — | | | (5.7 | ) | | (9.9 | ) | | — | | | (15.6 | ) |
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Interest income (expense): | | | | | | | | | |
Interest expense | (21.4 | ) | | (28.1 | ) | | (11.7 | ) | | 30.6 | | | (30.6 | ) |
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Interest income | 26.7 | | | 3.9 | | | 1.5 | | | (30.6 | ) | | 1.5 | |
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| 5.3 | | | (24.2 | ) | | (10.2 | ) | | — | | | (29.1 | ) |
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Income (loss) before income taxes | 8.3 | | | 3.4 | | | 14.4 | | | — | | | 26.1 | |
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Income tax (provision) benefit | (3.1 | ) | | (6.5 | ) | | (7.9 | ) | | — | | | (17.5 | ) |
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Equity in net earnings of affiliated companies and subsidiaries | 3.1 | | | 6.2 | | | 0.2 | | | (9.1 | ) | | 0.4 | |
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Net income (loss) including non-controlling interest | 8.3 | | | 3.1 | | | 6.7 | | | (9.1 | ) | | 9 | |
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Less: preferred stock dividends | 0.1 | | | — | | | — | | | — | | | 0.1 | |
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Less: net income (loss) attributable to non-controlling interest | — | | | — | | | 0.7 | | | — | | | 0.7 | |
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Net income (loss) attributable to Company common shareholders | $ | 8.2 | | | $ | 3.1 | | | $ | 6 | | | $ | (9.1 | ) | | $ | 8.2 | |
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Comprehensive income (loss): | | | | | | | | | |
Net income (loss) | $ | 8.3 | | | $ | 3.1 | | | $ | 6.7 | | | $ | (9.1 | ) | | $ | 9 | |
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Currency translation gain (loss) | (32.0 | ) | | (32.0 | ) | | (46.0 | ) | | 70.3 | | | (39.7 | ) |
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Defined benefit plan adjustments, net of tax | 0.6 | | | 0.6 | | | 0.6 | | | (1.1 | ) | | 0.7 | |
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Change in fair value of derivatives, net of tax | 0.8 | | | 0.8 | | | — | | | (0.9 | ) | | 0.7 | |
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Comprehensive income (loss), net of tax | (22.3 | ) | | (27.5 | ) | | (38.7 | ) | | 59.2 | | | (29.3 | ) |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (7.0 | ) | | — | | | (7.0 | ) |
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Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | (22.3 | ) | | $ | (27.5 | ) | | $ | (31.7 | ) | | $ | 59.2 | | | $ | (22.3 | ) |
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Condensed Statements of Operations and Comprehensive Income (Loss) Information |
Six Fiscal Months Ended June 28, 2013 |
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| Parent | | Guarantor Subsidiaries | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries |
Net sales: | | | | | | | | | |
Customers | $ | — | | | $ | 1,195.10 | | | $ | 2,007.70 | | | $ | — | | | $ | 3,202.80 | |
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Intercompany | 29.5 | | | 113.1 | | | 175.6 | | | (318.2 | ) | | — | |
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| 29.5 | | | 1,308.20 | | | 2,183.30 | | | (318.2 | ) | | 3,202.80 | |
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Cost of sales | — | | | 1,147.30 | | | 1,994.50 | | | (288.7 | ) | | 2,853.10 | |
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Gross profit | 29.5 | | | 160.9 | | | 188.8 | | | (29.5 | ) | | 349.7 | |
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Selling, general and administrative expenses | 23.6 | | | 99.3 | | | 152.7 | | | (29.5 | ) | | 246.1 | |
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Operating income (loss) | 5.9 | | | 61.6 | | | 36.1 | | | — | | | 103.6 | |
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Other income (expense) | — | | | (7.0 | ) | | (61.3 | ) | | — | | | (68.3 | ) |
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Interest income (expense): | | | | | | | | | |
Interest expense | (42.3 | ) | | (55.0 | ) | | (23.0 | ) | | 60.2 | | | (60.1 | ) |
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Interest income | 52.6 | | | 7.4 | | | 3.2 | | | (60.2 | ) | | 3 | |
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| 10.3 | | | (47.6 | ) | | (19.8 | ) | | — | | | (57.1 | ) |
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Income (loss) before income taxes | 16.2 | | | 7 | | | (45.0 | ) | | — | | | (21.8 | ) |
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Income tax (provision) benefit | (6.1 | ) | | (8.5 | ) | | 0.9 | | | — | | | (13.7 | ) |
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Equity in net earnings of affiliated companies and subsidiaries | (47.5 | ) | | (46.0 | ) | | 0.3 | | | 93.8 | | | 0.6 | |
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Net income (loss) including non-controlling interest | (37.4 | ) | | (47.5 | ) | | (43.8 | ) | | 93.8 | | | (34.9 | ) |
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Less: preferred stock dividends | 0.2 | | | — | | | — | | | — | | | 0.2 | |
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Less: net income (loss) attributable to non-controlling interest | — | | | — | | | 2.5 | | | — | | | 2.5 | |
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Net income (loss) attributable to Company common shareholders | $ | (37.6 | ) | | $ | (47.5 | ) | | $ | (46.3 | ) | | $ | 93.8 | | | $ | (37.6 | ) |
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Comprehensive income (loss): | | | | | | | | | |
Net income (loss) | $ | (37.4 | ) | | $ | (47.5 | ) | | $ | (43.8 | ) | | $ | 93.8 | | | $ | (34.9 | ) |
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Currency translation gain (loss) | (36.2 | ) | | (36.2 | ) | | (40.3 | ) | | 69.4 | | | (43.3 | ) |
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Defined benefit plan adjustments, net of tax | 3.3 | | | 3.3 | | | 0.9 | | | (4.1 | ) | | 3.4 | |
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Change in fair value of derivatives, net of tax | 0.2 | | | 0.2 | | | — | | | (0.2 | ) | | 0.2 | |
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Comprehensive income (loss), net of tax | (70.1 | ) | | (80.2 | ) | | (83.2 | ) | | 158.9 | | | (74.6 | ) |
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Comprehensive income (loss) attributable to non-controlling interest, net of tax | — | | | — | | | (4.5 | ) | | — | | | (4.5 | ) |
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Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | (70.1 | ) | | $ | (80.2 | ) | | $ | (78.7 | ) | | $ | 158.9 | | | $ | (70.1 | ) |
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Condensed Balance Sheets Information |
June 27, 2014 |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 1.7 | | | $ | 297.4 | | | $ | — | | | $ | 299.1 | |
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Receivables, net of allowances | — | | | 329.9 | | | 929.6 | | | — | | | 1,259.50 | |
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Inventories | — | | | 491.8 | | | 846.6 | | | — | | | 1,338.40 | |
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Deferred income taxes | — | | | 23.1 | | | 26.2 | | | — | | | 49.3 | |
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Prepaid expenses and other | 1.8 | | | 26.7 | | | 90.7 | | | — | | | 119.2 | |
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Total current assets | 1.8 | | | 873.2 | | | 2,190.50 | | | — | | | 3,065.50 | |
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Property, plant and equipment, net | 0.6 | | | 216.1 | | | 812.8 | | | — | | | 1,029.50 | |
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Deferred income taxes | — | | | — | | | 16.4 | | | — | | | 16.4 | |
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Intercompany accounts | 1,266.90 | | | 446.6 | | | 37.3 | | | (1,750.8 | ) | | — | |
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Investment in subsidiaries | 714 | | | 1,018.20 | | | — | | | (1,732.2 | ) | | — | |
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Goodwill | — | | | 13.8 | | | 13.5 | | | — | | | 27.3 | |
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Intangible assets, net | — | | | 12.5 | | | 66.3 | | | — | | | 78.8 | |
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Unconsolidated affiliated companies | — | | | 8.1 | | | 11.2 | | | — | | | 19.3 | |
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Other non-current assets | 12.9 | | | 36.7 | | | 35.4 | | | — | | | 85 | |
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Total assets | $ | 1,996.20 | | | $ | 2,625.20 | | | $ | 3,183.40 | | | $ | (3,483.0 | ) | | $ | 4,321.80 | |
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Liabilities and Total Equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 159.1 | | | $ | 771.1 | | | $ | — | | | $ | 930.2 | |
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Accrued liabilities | 12.3 | | | 88.6 | | | 291.4 | | | — | | | 392.3 | |
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Current portion of long-term debt | 125 | | | — | | | 297.2 | | | — | | | 422.2 | |
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Total current liabilities | 137.3 | | | 247.7 | | | 1,359.70 | | | — | | | 1,744.70 | |
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Long-term debt | 777.9 | | | 298.4 | | | 56.2 | | | — | | | 1,132.50 | |
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Deferred income taxes | 175.9 | | | (16.7 | ) | | 53.2 | | | — | | | 212.4 | |
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Intercompany accounts | 0.1 | | | 1,303.60 | | | 447.1 | | | (1,750.8 | ) | | — | |
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Other liabilities | 2 | | | 78.2 | | | 158 | | | — | | | 238.2 | |
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Total liabilities | 1,093.20 | | | 1,911.20 | | | 2,074.20 | | | (1,750.8 | ) | | 3,327.80 | |
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Redeemable non-controlling interest | — | | | — | | | 17.5 | | | — | | | 17.5 | |
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Total Company shareholders’ equity | 903 | | | 714 | | | 1,018.20 | | | (1,732.2 | ) | | 903 | |
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Non-controlling interest | — | | | — | | | 73.5 | | | — | | | 73.5 | |
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Total liabilities, redeemable non-controlling interest and equity | $ | 1,996.20 | | | $ | 2,625.20 | | | $ | 3,183.40 | | | $ | (3,483.0 | ) | | $ | 4,321.80 | |
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Condensed Balance Sheets Information |
December 31, 2013 |
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| Parent | | Guarantor | | Non- | | Eliminations | | Total |
Subsidiaries | Guarantor |
| Subsidiaries |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 0.2 | | | $ | 2.2 | | | $ | 416.4 | | | $ | — | | | $ | 418.8 | |
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Receivables, net of allowances | — | | | 258.5 | | | 913.2 | | | — | | | 1,171.70 | |
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Inventories | — | | | 438 | | | 801.6 | | | — | | | 1,239.60 | |
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Deferred income taxes | — | | | 23.3 | | | 26.9 | | | — | | | 50.2 | |
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Prepaid expenses and other | 1.9 | | | 32.7 | | | 91.6 | | | — | | | 126.2 | |
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Total current assets | 2.1 | | | 754.7 | | | 2,249.70 | | | — | | | 3,006.50 | |
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Property, plant and equipment, net | 0.6 | | | 231.9 | | | 859.5 | | | — | | | 1,092.00 | |
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Deferred income taxes | — | | | — | | | 15.8 | | | — | | | 15.8 | |
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Intercompany accounts | 1,305.50 | | | 507.7 | | | 35.8 | | | (1,849.0 | ) | | — | |
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Investment in subsidiaries | 1,050.40 | | | 1,332.30 | | | — | | | (2,382.7 | ) | | — | |
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Goodwill | — | | | 13.7 | | | 170.9 | | | — | | | 184.6 | |
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Intangible assets, net | — | | | 15.5 | | | 167.4 | | | — | | | 182.9 | |
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Unconsolidated affiliated companies | — | | | 8 | | | 11 | | | — | | | 19 | |
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Other non-current assets | 13.7 | | | 33.8 | | | 30.6 | | | — | | | 78.1 | |
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Total assets | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | |
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Liabilities and Total Equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 118.5 | | | $ | 752.1 | | | $ | — | | | $ | 870.6 | |
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Accrued liabilities | 13.8 | | | 103.9 | | | 317.2 | | | — | | | 434.9 | |
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Current portion of long-term debt | — | | | — | | | 250.3 | | | — | | | 250.3 | |
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Total current liabilities | 13.8 | | | 222.4 | | | 1,319.60 | | | — | | | 1,555.80 | |
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Long-term debt | 902 | | | 225 | | | 9.6 | | | — | | | 1,136.60 | |
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Deferred income taxes | 175.2 | | | (19.4 | ) | | 78 | | | — | | | 233.8 | |
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Intercompany accounts | — | | | 1,339.70 | | | 509.3 | | | (1,849.0 | ) | | — | |
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Other liabilities | 1.1 | | | 79.5 | | | 175.3 | | | — | | | 255.9 | |
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Total liabilities | 1,092.10 | | | 1,847.20 | | | 2,091.80 | | | (1,849.0 | ) | | 3,182.10 | |
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Redeemable non-controlling interest | — | | | — | | | 17 | | | — | | | 17 | |
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Total Company shareholders’ equity | 1,280.20 | | | 1,050.40 | | | 1,332.30 | | | (2,382.7 | ) | | 1,280.20 | |
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Non-controlling interest | — | | | — | | | 99.6 | | | — | | | 99.6 | |
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Total liabilities, redeemable non-controlling interest and equity | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | |
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Condensed Statements of Cash Flows Information |
Six Fiscal Months Ended June 27, 2014 |
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| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
Net cash flows of operating activities | $ | 1.4 | | | $ | (43.6 | ) | | $ | (68.1 | ) | | $ | — | | | $ | (110.3 | ) |
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Cash flows of investing activities: | | | | | | | | | |
Capital expenditures | — | | | (13.4 | ) | | (32.1 | ) | | — | | | (45.5 | ) |
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Proceeds from properties sold | — | | | 0.6 | | | 0.2 | | | — | | | 0.8 | |
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Other | — | | | (1.9 | ) | | 2 | | | — | | | 0.1 | |
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Net cash flows of investing activities | — | | | (14.7 | ) | | (29.9 | ) | | — | | | (44.6 | ) |
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Cash flows of financing activities: | | | | | | | | | |
Dividends paid to shareholders | (17.8 | ) | | — | | | — | | | — | | | (17.8 | ) |
|
Excess tax benefits (deficiencies) from stock-based compensation | (0.1 | ) | | — | | | — | | | — | | | (0.1 | ) |
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Intercompany accounts | 46.9 | | | (16.0 | ) | | (30.9 | ) | | — | | | — | |
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Proceeds from debt | — | | | 643.6 | | | 505.4 | | | — | | | 1,149.00 | |
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Repayments of debt | — | | | (570.2 | ) | | (406.2 | ) | | — | | | (976.4 | ) |
|
Purchase of non-controlling interest | — | | | (1.5 | ) | | 1.2 | | | | | (0.3 | ) |
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Dividends paid to non-controlling interest | — | | | — | | | (3.1 | ) | | — | | | (3.1 | ) |
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Repurchase of common shares | (30.7 | ) | | — | | | — | | | | | | (30.7 | ) |
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Proceeds from exercise of stock options | 0.1 | | | — | | | — | | | — | | | 0.1 | |
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Net cash flows of financing activities | (1.6 | ) | | 55.9 | | | 66.4 | | | — | | | 120.7 | |
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Effect of exchange rate changes on cash and cash equivalents | — | | | 1.9 | | | (87.4 | ) | | — | | | (85.5 | ) |
|
Increase (decrease) in cash and cash equivalents | (0.2 | ) | | (0.5 | ) | | (119.0 | ) | | — | | | (119.7 | ) |
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Cash and cash equivalents – beginning of period | 0.2 | | | 2.2 | | | 416.4 | | | — | | | 418.8 | |
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Cash and cash equivalents – end of period | $ | — | | | $ | 1.7 | | | $ | 297.4 | | | $ | — | | | $ | 299.1 | |
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Condensed Statements of Cash Flows Information |
Six Fiscal Months Ended June 28, 2013 |
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| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor Subsidiaries | | Eliminations | | Total |
Subsidiaries |
Net cash flows of operating activities | $ | 32.5 | | | $ | (12.9 | ) | | $ | (187.3 | ) | | $ | — | | | $ | (167.7 | ) |
|
Cash flows of investing activities: | | | | | | | | | |
Capital expenditures | — | | | (15.3 | ) | | (30.1 | ) | | — | | | (45.4 | ) |
|
Proceeds from properties sold | — | | | 0.1 | | | — | | | — | | | 0.1 | |
|
Acquisitions, net of cash acquired | — | | | (2.3 | ) | | (4.6 | ) | | — | | | (6.9 | ) |
|
Other | — | | | (24.1 | ) | | 24.2 | | | — | | | 0.1 | |
|
Net cash flows of investing activities | — | | | (41.6 | ) | | (10.5 | ) | | — | | | (52.1 | ) |
|
Cash flows of financing activities: | | | | | | | | | |
Dividends paid to shareholders | (9.1 | ) | | — | | | — | | | — | | | (9.1 | ) |
|
Excess tax benefits (deficiencies) from stock-based compensation | 0.1 | | | — | | | — | | | — | | | 0.1 | |
|
Intercompany accounts | (70.3 | ) | | 33 | | | 37.3 | | | — | | | — | |
|
Proceeds from debt | — | | | 14.6 | | | 597.2 | | | — | | | 611.8 | |
|
Repayments of debt | — | | | (0.8 | ) | | (513.1 | ) | | — | | | (513.9 | ) |
|
Dividends paid to non-controlling interests | — | | | — | | | (3.2 | ) | | — | | | (3.2 | ) |
|
Purchase of treasury shares | (19.0 | ) | | — | | | — | | | — | | | (19.0 | ) |
|
Proceeds from exercise of stock options | 0.6 | | | — | | | — | | | — | | | 0.6 | |
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Net cash flows of financing activities | (97.7 | ) | | 46.8 | | | 118.2 | | | — | | | 67.3 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | (9.5 | ) | | (16.5 | ) | | — | | | (26.0 | ) |
|
Increase (decrease) in cash and cash equivalents | (65.2 | ) | | (17.2 | ) | | (96.1 | ) | | — | | | (178.5 | ) |
|
Cash and cash equivalents - beginning of period | 65.3 | | | 44.2 | | | 512.8 | | | | | 622.3 | |
|
Cash and cash equivalents - end of period | $ | 0.1 | | | $ | 27 | | | $ | 416.7 | | | $ | — | | | $ | 443.8 | |
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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. |
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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 are classified as financing activities. |
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the six fiscal months ended June 27, 2014 and the twelve months ended December 31, 2013: |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
(in millions) | June 27, 2014 | | December 31, 2013 | | | | | | | | | | | | |
Beginning Balance | $ | 1,305.50 | | | $ | 1,566.70 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Non-cash transactions | | | | | | | | | | | | | | | |
Deferred tax | — | | | 7.1 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Equity based awards | 8.2 | | | 11.7 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Foreign currency and other | — | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash transactions | (46.9 | ) | | (280.0 | ) | | | | | | | | | | | | |
Ending Balance | $ | 1,266.80 | | | $ | 1,305.50 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Dividends |
There were no cash dividend payments to the Parent Company from the Guarantor Subsidiaries in the six fiscal months ended June 27, 2014 or June 28, 2013. |
Parent Company Long-Term Debt |
At June 27, 2014 and December 31, 2013, the Parent Company was party to the following long-term financing arrangements: |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
(in millions) | June 27, 2014 | | December 31, 2013 | | | | | | | | | | | | |
5.75% Senior Notes due 2022 | $ | 600 | | | $ | 600 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Subordinated Convertible Notes due 2029 | 429.5 | | | 429.5 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Debt discount on Subordinated Convertible Notes due 2029 | (260.6 | ) | | (261.5 | ) | | | | | | | | | | | | |
0.875% Convertible Notes due 2013 | — | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Debt discount on 0.875% Convertible Notes due 2013 | — | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Senior Floating Rate Notes | 125 | | | 125 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other | 9 | | | 9 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Parent Company debt | 902.9 | | | 902 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Less current maturities | 125 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Parent Company Long-term debt | $ | 777.9 | | | $ | 902 | | | | | | | | | | | | | |
| | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | |
(in millions) | Q2 2015 | | Q2 2016 | | Q2 2017 | | Q2 2018 | | Q2 2019 |
Debt maturities twelve month period ending | $ | 125 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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For long-term debt related to the Parent Company, refer to Note 8 "Long-Term Debt" of the Notes to the Condensed Consolidated Financial Statements. |
Commitments and Contingencies |
For contingencies and guarantees related to the Parent Company, refer to Note 18 "Commitments and Contingencies" of the Notes to the Condensed Consolidated Financial Statements. |