Condensed Consolidating Financial Data | 9 Months Ended |
Sep. 30, 2013 |
Condensed Consolidating Financial Data | ' |
17. Condensed Consolidating Financial Data |
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The Company’s Senior Notes and Senior Subordinated Notes (see Note 7) are fully guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries (“Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release only in certain limited circumstances. The Company’s non-United States subsidiaries and those domestic subsidiaries who are not guarantors (“Non-Guarantor Subsidiaries”) are not guaranteeing these notes. Presented below is the condensed consolidating financial data of the Company (“Parent”), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis, using the equity method of accounting for subsidiaries as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012. During 2013, certain subsidiaries that were Non-Guarantor Subsidiaries in 2012 became Guarantor Subsidiaries. For comparative purposes, the condensed consolidating financial data as of December 31, 2012 and for the three and nine months ended September 30, 2012 has been retrospectively adjusted to reflect the aforementioned activity. |
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Condensed Consolidating Results of Operations |
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| | Three months ended September 30, 2013 | |
(in millions) | | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
Net sales | | $ | — | | | $ | 1,225.60 | | | $ | 815.4 | | | $ | (240.2 | ) | | $ | 1,800.80 | |
Cost of sales | | | — | | | | 928.9 | | | | 588.9 | | | | (240.2 | ) | | | 1,277.60 | |
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Gross profit | | | — | | | | 296.7 | | | | 226.5 | | | | — | | | | 523.2 | |
Selling, general and administrative expenses | | | 31.6 | | | | 164.9 | | | | 129.4 | | | | — | | | | 325.9 | |
Reorganization costs, net | | | — | | | | 1.6 | | | | 1.4 | | | | — | | | | 3 | |
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Operating earnings | | | (31.6 | ) | | | 130.2 | | | | 95.7 | | | | — | | | | 194.3 | |
Interest expense, net | | | 45.3 | | | | 0.3 | | | | 1.9 | | | | — | | | | 47.5 | |
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Income (loss) before taxes and equity earnings of subsidiaries | | | (76.9 | ) | | | 129.9 | | | | 93.8 | | | | — | | | | 146.8 | |
Income tax provision (benefit) | | | (26.7 | ) | | | 49 | | | | 29.6 | | | | — | | | | 51.9 | |
Equity earnings of subsidiaries | | | 145.1 | | | | 55.8 | | | | — | | | | (200.9 | ) | | | — | |
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Net income (loss) | | | 94.9 | | | | 136.7 | | | | 64.2 | | | | (200.9 | ) | | | 94.9 | |
Other comprehensive income (loss), net of tax | | | 19.8 | | | | 18.9 | | | | 25.6 | | | | (44.5 | ) | | | 19.8 | |
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Comprehensive income (loss) | | $ | 114.7 | | | $ | 155.6 | | | $ | 89.8 | | | $ | (245.4 | ) | | $ | 114.7 | |
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| | Three months ended September 30, 2012 | |
(in millions) | | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
Net sales | | $ | — | | | $ | 1,132.50 | | | $ | 776.6 | | | $ | (203.2 | ) | | $ | 1,705.90 | |
Cost of sales | | | — | | | | 857.5 | | | | 550.6 | | | | (203.2 | ) | | | 1,204.90 | |
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Gross profit | | | — | | | | 275 | | | | 226 | | | | — | | | | 501 | |
Selling, general and administrative expenses | | | 33.1 | | | | 156.7 | | | | 133.1 | | | | — | | | | 322.9 | |
Reorganization costs, net | | | 7.7 | | | | (0.8 | ) | | | 2.4 | | | | — | | | | 9.3 | |
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Operating earnings | | | (40.8 | ) | | | 119.1 | | | | 90.5 | | | | — | | | | 168.8 | |
Interest expense, net | | | 44.7 | | | | (13.0 | ) | | | 14.4 | | | | — | | | | 46.1 | |
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Income (loss) before taxes and equity earnings of subsidiaries | | | (85.5 | ) | | | 132.1 | | | | 76.1 | | | | — | | | | 122.7 | |
Income tax provision (benefit) | | | (30.8 | ) | | | 50.9 | | | | 25.7 | | | | — | | | | 45.8 | |
Equity earnings of subsidiaries | | | 131.6 | | | | 42.1 | | | | — | | | | (173.7 | ) | | | — | |
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Net income (loss) | | | 76.9 | | | | 123.3 | | | | 50.4 | | | | (173.7 | ) | | | 76.9 | |
Other comprehensive income (loss), net of tax | | | 22 | | | | 27.4 | | | | 29.5 | | | | (56.9 | ) | | | 22 | |
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Comprehensive income (loss) | | $ | 98.9 | | | $ | 150.7 | | | $ | 79.9 | | | $ | (230.6 | ) | | $ | 98.9 | |
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| | Nine months ended September 30, 2013 | |
(in millions) | | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
Net sales | | $ | — | | | $ | 3,449.00 | | | $ | 2,271.90 | | | $ | (580.6 | ) | | $ | 5,140.30 | |
Cost of sales | | | — | | | | 2,611.80 | | | | 1,628.90 | | | | (580.6 | ) | | | 3,660.10 | |
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Gross profit | | | — | | | | 837.2 | | | | 643 | | | | — | | | | 1,480.20 | |
Selling, general and administrative expenses | | | 110 | | | | 479.2 | | | | 456.2 | | | | — | | | | 1,045.40 | |
Reorganization costs, net | | | — | | | | 2.3 | | | | 2.1 | | | | — | | | | 4.4 | |
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Operating earnings | | | (110.0 | ) | | | 355.7 | | | | 184.7 | | | | — | | | | 430.4 | |
Interest expense, net | | | 134.9 | | | | 0.8 | | | | 7.6 | | | | — | | | | 143.3 | |
Loss on early extinguishment of debt | | | 25.9 | | | | — | | | | — | | | | — | | | | 25.9 | |
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Income (loss) before taxes and equity earnings of subsidiaries | | | (270.8 | ) | | | 354.9 | | | | 177.1 | | | | — | | | | 261.2 | |
Income tax provision (benefit) | | | (99.3 | ) | | | 125.3 | | | | 68.3 | | | | — | | | | 94.3 | |
Equity earnings of subsidiaries | | | 338.4 | | | | 87.7 | | | | — | | | | (426.1 | ) | | | — | |
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Net income (loss) | | | 166.9 | | | | 317.3 | | | | 108.8 | | | | (426.1 | ) | | | 166.9 | |
Other comprehensive income (loss), net of tax | | | (16.1 | ) | | | (17.7 | ) | | | (19.8 | ) | | | 37.5 | | | | (16.1 | ) |
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Comprehensive income (loss) | | $ | 150.8 | | | $ | 299.6 | | | $ | 89 | | | $ | (388.6 | ) | | $ | 150.8 | |
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| | Nine months ended September 30, 2012 | |
(in millions) | | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
Net sales | | $ | — | | | $ | 3,275.80 | | | $ | 2,141.60 | | | $ | (540.5 | ) | | $ | 4,876.90 | |
Cost of sales | | | — | | | | 2,474.50 | | | | 1,525.90 | | | | (540.5 | ) | | | 3,459.90 | |
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Gross profit | | | — | | | | 801.3 | | | | 615.7 | | | | — | | | | 1,417.00 | |
Selling, general and administrative expenses | | | 93.8 | | | | 482.8 | | | | 384.4 | | | | — | | | | 961 | |
Reorganization costs, net | | | 7.7 | | | | (0.8 | ) | | | 2.4 | | | | — | | | | 9.3 | |
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Operating earnings | | | (101.5 | ) | | | 319.3 | | | | 228.9 | | | | — | | | | 446.7 | |
Interest expense, net | | | 132.8 | | | | (12.4 | ) | | | 15.4 | | | | — | | | | 135.8 | |
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Income (loss) before taxes and equity earnings of subsidiaries | | | (234.3 | ) | | | 331.7 | | | | 213.5 | | | | — | | | | 310.9 | |
Income tax provision (benefit) | | | (83.5 | ) | | | 129.4 | | | | 69.8 | | | | — | | | | 115.7 | |
Equity earnings of subsidiaries | | | 346 | | | | 124.9 | | | | — | | | | (470.9 | ) | | | — | |
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Net income (loss) | | | 195.2 | | | | 327.2 | | | | 143.7 | | | | (470.9 | ) | | | 195.2 | |
Other comprehensive income (loss), net of tax | | | 5.8 | | | | 14.7 | | | | 6.2 | | | | (20.9 | ) | | | 5.8 | |
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Comprehensive income (loss) | | $ | 201 | | | $ | 341.9 | | | $ | 149.9 | | | $ | (491.8 | ) | | $ | 201 | |
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Condensed Consolidating Balance Sheets |
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| | As of September 30, 2013 | |
(in millions) | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 1,162.40 | | | $ | 1.8 | | | $ | 396.1 | | | $ | — | | | $ | 1,560.30 | |
Accounts receivable | | | — | | | | 18 | | | | 1,222.50 | | | | — | | | | 1,240.50 | |
Inventories | | | — | | | | 940.9 | | | | 659 | | | | — | | | | 1,599.90 | |
Other current assets | | | 32.6 | | | | 137.5 | | | | 156.8 | | | | — | | | | 326.9 | |
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Total current assets | | | 1,195.00 | | | | 1,098.20 | | | | 2,434.40 | | | | — | | | | 4,727.60 | |
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Property, plant and equipment, net | | | 14.4 | | | | 282.8 | | | | 372.5 | | | | — | | | | 669.7 | |
Goodwill | | | — | | | | 1,566.70 | | | | 255.8 | | | | — | | | | 1,822.50 | |
Intangibles, net | | | — | | | | 1,044.40 | | | | 201.7 | | | | — | | | | 1,246.10 | |
Intercompany receivables | | | 1,960.40 | | | | 3,074.90 | | | | 2,649.10 | | | | (7,684.4 | ) | | | — | |
Investment in subsidiaries | | | 6,218.80 | | | | 2,026.20 | | | | — | | | | (8,245.0 | ) | | | — | |
Other non-current assets | | | 82 | | | | 5.9 | | | | 68.7 | | | | — | | | | 156.6 | |
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Total assets | | $ | 9,470.60 | | | $ | 9,099.10 | | | $ | 5,982.20 | | | $ | (15,929.4 | ) | | $ | 8,622.50 | |
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Liabilities and stockholders’ equity | | | | | | | | | | | | | | | | | | | | |
Short-term debt and current portion of long-term debt | | $ | 128.1 | | | $ | 0.5 | | | $ | 395.7 | | | $ | — | | | $ | 524.3 | |
Accounts payable | | | 2 | | | | 389.2 | | | | 273.3 | | | | — | | | | 664.5 | |
Other current liabilities | | | 133.2 | | | | 216.5 | | | | 270.8 | | | | — | | | | 620.5 | |
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Total current liabilities | | | 263.3 | | | | 606.2 | | | | 939.8 | | | | — | | | | 1,809.30 | |
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Long-term debt | | | 3,357.10 | | | | 3.8 | | | | 18.9 | | | | — | | | | 3,379.80 | |
Intercompany payables | | | 3,291.70 | | | | 1,464.40 | | | | 2,928.30 | | | | (7,684.4 | ) | | | — | |
Other non-current liabilities | | | 85.1 | | | | 689.9 | | | | 185 | | | | — | | | | 960 | |
Total stockholders’ equity | | | 2,473.40 | | | | 6,334.80 | | | | 1,910.20 | | | | (8,245.0 | ) | | | 2,473.40 | |
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Total liabilities and stockholders’ equity | | $ | 9,470.60 | | | $ | 9,099.10 | | | $ | 5,982.20 | | | $ | (15,929.4 | ) | | $ | 8,622.50 | |
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| | As of December 31, 2012 | |
(in millions) | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 560.2 | | | $ | 5 | | | $ | 468.9 | | | $ | — | | | $ | 1,034.10 | |
Accounts receivable | | | — | | | | 17.8 | | | | 1,119.90 | | | | — | | | | 1,137.70 | |
Inventories | | | — | | | | 760.3 | | | | 550 | | | | — | | | | 1,310.30 | |
Other current assets | | | 16.5 | | | | 143.4 | | | | 168.4 | | | | — | | | | 328.3 | |
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Total current assets | | | 576.7 | | | | 926.5 | | | | 2,307.20 | | | | — | | | | 3,810.40 | |
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Property, plant and equipment, net | | | 34.1 | | | | 296.8 | | | | 347.7 | | | | — | | | | 678.6 | |
Goodwill | | | — | | | | 1,564.70 | | | | 259.3 | | | | — | | | | 1,824.00 | |
Intangibles, net | | | — | | | | 1,055.50 | | | | 201.2 | | | | — | | | | 1,256.70 | |
Intercompany receivables | | | 2,961.30 | | | | 3,939.60 | | | | 3,629.40 | | | | (10,530.3 | ) | | | — | |
Investment in subsidiaries | | | 5,895.60 | | | | 1,844.20 | | | | — | | | | (7,739.8 | ) | | | — | |
Other non-current assets | | | 73.4 | | | | 4.7 | | | | 62.8 | | | | — | | | | 140.9 | |
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Total assets | | $ | 9,541.10 | | | $ | 9,632.00 | | | $ | 6,807.60 | | | $ | (18,270.1 | ) | | $ | 7,710.60 | |
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Liabilities and stockholders’ equity | | | | | | | | | | | | | | | | | | | | |
Short-term debt and current portion of long-term debt | | $ | 100.1 | | | $ | 0.5 | | | $ | 404.1 | | | $ | — | | | $ | 504.7 | |
Accounts payable | | | 5.3 | | | | 354.6 | | | | 255.5 | | | | — | | | | 615.4 | |
Other current liabilities | | | 83.7 | | | | 259 | | | | 265.9 | | | | — | | | | 608.6 | |
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Total current liabilities | | | 189.1 | | | | 614.1 | | | | 925.5 | | | | — | | | | 1,728.70 | |
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Long-term debt | | | 3,275.70 | | | | 4.2 | | | | 13.5 | | | | — | | | | 3,293.40 | |
Intercompany payables | | | 4,251.90 | | | | 2,336.50 | | | | 3,941.90 | | | | (10,530.3 | ) | | | — | |
Other non-current liabilities | | | 64.8 | | | | 697.8 | | | | 166.3 | | | | — | | | | 928.9 | |
Total stockholders’ equity | | | 1,759.60 | | | | 5,979.40 | | | | 1,760.40 | | | | (7,739.8 | ) | | | 1,759.60 | |
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Total liabilities and stockholders’ equity | | $ | 9,541.10 | | | $ | 9,632.00 | | | $ | 6,807.60 | | | $ | (18,270.1 | ) | | $ | 7,710.60 | |
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Condensed Consolidating Statements of Cash Flows |
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| | Nine months ended September 30, 2013 | |
(in millions) | | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Net cash provided by (used in) operating activities, net | | $ | (53.2 | ) | | $ | 122 | | | $ | 2.7 | | | $ | (8.3 | ) | | $ | 63.2 | |
Financing activities: | | | | | | | | | | | | | | | | | | | | |
Net change in short-term debt | | | — | | | | (0.1 | ) | | | (11.2 | ) | | | — | | | | (11.3 | ) |
(Payments on) proceeds from intercompany transactions | | | 44.9 | | | | (55.8 | ) | | | 18.9 | | | | (8.0 | ) | | | — | |
Proceeds from issuance of long-term debt | | | 515.2 | | | | — | | | | 11.9 | | | | — | | | | 527.1 | |
Payments on long-term debt | | | (374.8 | ) | | | (0.3 | ) | | | (0.9 | ) | | | — | | | | (376.0 | ) |
Issuance (repurchase) of common stock, net | | | 469.7 | | | | — | | | | — | | | | — | | | | 469.7 | |
Excess tax benefits from stock-based compensation | | | 11.4 | | | | — | | | | — | | | | — | | | | 11.4 | |
Other | | | (12.4 | ) | | | (4.4 | ) | | | — | | | | — | | | | (16.8 | ) |
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Net cash provided by (used in) financing activities | | | 654 | | | | (60.6 | ) | | | 18.7 | | | | (8.0 | ) | | | 604.1 | |
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Investing activities: | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | (4.7 | ) | | | (48.9 | ) | | | (62.0 | ) | | | — | | | | (115.6 | ) |
Acquisition of businesses, net of cash acquired | | | (1.0 | ) | | | — | | | | (11.7 | ) | | | — | | | | (12.7 | ) |
Intercompany investing activities, net | | | — | | | | (16.3 | ) | | | — | | | | 16.3 | | | | — | |
Other | | | 7.1 | | | | 0.6 | | | | 0.1 | | | | — | | | | 7.8 | |
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Net cash provided by (used in) investing activities | | | 1.4 | | | | (64.6 | ) | | | (73.6 | ) | | | 16.3 | | | | (120.5 | ) |
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Effect of exchange rate changes on cash | | | — | | | | — | | | | (20.6 | ) | | | — | | | | (20.6 | ) |
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Net increase (decrease) in cash and cash equivalents | | | 602.2 | | | | (3.2 | ) | | | (72.8 | ) | | | — | | | | 526.2 | |
Cash and cash equivalents at beginning of year | | | 560.2 | | | | 5 | | | | 468.9 | | | | — | | | | 1,034.10 | |
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Cash and cash equivalents at end of period | | $ | 1,162.40 | | | $ | 1.8 | | | $ | 396.1 | | | $ | — | | | $ | 1,560.30 | |
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| | Nine months ended September 30, 2012 | |
(in millions) | | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
Net cash provided by (used in) operating activities, net | | $ | (225.8 | ) | | $ | 330.7 | | | $ | (13.0 | ) | | $ | (10.5 | ) | | $ | 81.4 | |
Financing activities: | | | | | | | | | | | | | | | | | | | | |
Net change in short-term debt | | | — | | | | — | | | | 83.6 | | | | — | | | | 83.6 | |
(Payments on) proceeds from intercompany transactions | | | 245.8 | | | | (314.4 | ) | | | 58.1 | | | | 10.5 | | | | — | |
Proceeds from issuance of long-term debt | | | 800 | | | | 0.5 | | | | 0.1 | | | | — | | | | 800.6 | |
Payments on long-term debt | | | (147.4 | ) | | | (0.4 | ) | | | (5.4 | ) | | | — | | | | (153.2 | ) |
Issuance (repurchase) of common stock, net | | | (536.6 | ) | | | — | | | | — | | | | — | | | | (536.6 | ) |
Excess tax benefits from stock-based compensation | | | 42.7 | | | | — | | | | — | | | | — | | | | 42.7 | |
Other | | | (24.4 | ) | | | — | | | | (0.5 | ) | | | | | | | (24.9 | ) |
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Net cash provided by (used in) financing activities | | | 380.1 | | | | (314.3 | ) | | | 135.9 | | | | 10.5 | | | | 212.2 | |
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Investing activities: | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | (4.2 | ) | | | (41.2 | ) | | | (31.5 | ) | | | — | | | | (76.9 | ) |
Acquisition of businesses, net of cash acquired | | | (0.9 | ) | | | (5.4 | ) | | | (148.9 | ) | | | — | | | | (155.2 | ) |
Other | | | 2.3 | | | | 4 | | | | 3.5 | | | | — | | | | 9.8 | |
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Net cash used in investing activities | | | (2.8 | ) | | | (42.6 | ) | | | (176.9 | ) | | | — | | | | (222.3 | ) |
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Effect of exchange rate changes on cash | | | — | | | | — | | | | 7.1 | | | | — | | | | 7.1 | |
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Net increase (decrease) in cash and cash equivalents | | | 151.5 | | | | (26.2 | ) | | | (46.9 | ) | | | — | | | | 78.4 | |
Cash and cash equivalents at beginning of year | | | 335.4 | | | | 28.4 | | | | 444.5 | | | | — | | | | 808.3 | |
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Cash and cash equivalents at end of period | | $ | 486.9 | | | $ | 2.2 | | | $ | 397.6 | | | $ | — | | | $ | 886.7 | |
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The amounts reflected as proceeds (payments) from (to) intercompany transactions represent cash flows originating from transactions conducted between Guarantor Subsidiaries, Non-Guarantor Subsidiaries and Parent in the normal course of business operations. |
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The income tax provision (benefit), equity earnings of subsidiaries, net income (loss) and comprehensive income (loss) presented in the condensed consolidating results of operations for the quarterly period ended March 31, 2012 and for the quarterly and year-to-date periods ended June 30, 2012 and September 30, 2012, were revised to correct the allocation of the income tax provision (benefit) among the Parent, Guarantor Subsidiaries and Non-Guarantor Subsidiaries. The revisions also had no impact on the condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income or condensed consolidated statements of cash flows for any of those periods. The revision had no impact on the condensed consolidating financial data as of and for the year ended December 31, 2012, the three and nine months ended September 30, 2013 and will have no impact on the consolidated financial statements as of and for the year ended December 31, 2013. The effect of the revisions, which the Company determined were not material to the related financial statements, on the previously reported amounts are as follows: |
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| | Three months ended March 31, 2012 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
(in millions) | | Increase/(Decrease) | |
Condensed Consolidating Results of Operations | | | | | | | | | | | | | | | | | | | | |
Income tax provision (benefit) | | $ | (38.6 | ) | | $ | 30.9 | | | $ | 7.7 | | | $ | — | | | $ | — | |
Equity earnings of subsidiaries | | | (38.6 | ) | | | (7.7 | ) | | | — | | | | 46.3 | | | | — | |
Net income (loss) | | | — | | | | (38.6 | ) | | | (7.7 | ) | | | 46.3 | | | | — | |
Comprehensive income (loss) | | | — | | | | (38.6 | ) | | | (7.7 | ) | | | 46.3 | | | | — | |
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| | Three months ended June 30, 2012 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
(in millions) | | Increase/(Decrease) | |
Condensed Consolidating Results of Operations | | | | | | | | | | | | | | | | | | | | |
Income tax provision (benefit) | | $ | (58.3 | ) | | $ | 46.9 | | | $ | 11.4 | | | $ | — | | | $ | — | |
Equity earnings of subsidiaries | | | (58.3 | ) | | | (11.4 | ) | | | — | | | | 69.7 | | | | — | |
Net income (loss) | | | — | | | | (58.3 | ) | | | (11.4 | ) | | | 69.7 | | | | — | |
Comprehensive income (loss) | | | — | | | | (58.3 | ) | | | (11.4 | ) | | | 69.7 | | | | — | |
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| | Six months ended June 30, 2012 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
(in millions) | | Increase/(Decrease) | |
Condensed Consolidating Results of Operations | | | | | | | | | | | | | | | | | | | | |
Income tax provision (benefit) | | $ | (96.9 | ) | | $ | 77.8 | | | $ | 19.1 | | | $ | — | | | $ | — | |
Equity earnings of subsidiaries | | | (96.9 | ) | | | (19.1 | ) | | | — | | | | 116 | | | | — | |
Net income (loss) | | | — | | | | (96.9 | ) | | | (19.1 | ) | | | 116 | | | | — | |
Comprehensive income (loss) | | | — | | | | (96.9 | ) | | | (19.1 | ) | | | 116 | | | | — | |
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| | Three months ended September 30, 2012 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
(in millions) | | Increase/(Decrease) | |
Condensed Consolidating Results of Operations | | | | | | | | | | | | | | | | | | | | |
Income tax provision (benefit) | | $ | (70.1 | ) | | $ | 50.3 | | | $ | 19.8 | | | $ | — | | | $ | — | |
Equity earnings of subsidiaries | | | (70.1 | ) | | | (19.8 | ) | | | — | | | | 89.9 | | | | — | |
Net income (loss) | | | — | | | | (70.1 | ) | | | (19.8 | ) | | | 89.9 | | | | — | |
Comprehensive income (loss) | | | — | | | | (70.1 | ) | | | (19.8 | ) | | | 89.9 | | | | — | |
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| | Nine months ended September 30, 2012 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
(in millions) | | Increase/(Decrease) | |
Condensed Consolidating Results of Operations | | | | | | | | | | | | | | | | | | | | |
Income tax provision (benefit) | | $ | (167.0 | ) | | $ | 128.1 | | | $ | 38.9 | | | $ | — | | | $ | — | |
Equity earnings of subsidiaries | | | (167.0 | ) | | | (38.9 | ) | | | — | | | | 205.9 | | | | — | |
Net income (loss) | | | — | | | | (167.0 | ) | | | (38.9 | ) | | | 205.9 | | | | — | |
Comprehensive income (loss) | | | — | | | | (167.0 | ) | | | (38.9 | ) | | | 205.9 | | | | — | |
The condensed consolidating statement of cash flows in the condensed consolidating financial data for the nine months ended September 30, 2012, was revised to correct the classification of intercompany financing activities. The effect of the revisions, which the Company determined were not material to the related financial statements, on the previously reported amounts are as follows: |
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| | Nine months ended September 30, 2012 | |
| | Parent | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor |
| Subsidiaries |
(in millions) | | Increase/(Decrease) | |
Condensed Consolidating Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities, net | | $ | — | | | $ | 10.5 | | | $ | — | | | $ | (10.5 | ) | | $ | — | |
Net cash provided by (used in) financing activities | | | — | | | | (10.5 | ) | | | — | | | | 10.5 | | | | — | |