XML 47 R19.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Organization and Basis of Presentation Revision of Prior Period Financial Statements (Policies) | 9 Months Ended
--- | ---
Sep. 30, 2014
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Restatement of Prior Period Financial Statements In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4 million were originally recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. While management determined that it was necessary to restate the September 30, 2014 interim period, the effect of correcting these errors was not material to opening accumulated deficit as of January 1, 2012. As shown in the tables below, the effect of the correction of this error was a decrease of $6.9 million in opening accumulated deficit as of January 1, 2012, which resulted from a reduction in accounts payable of $8.4 million and a decrease in deferred tax assets of $1.5 million. The impact of the correction of this error for the three and nine months ended September 30, 2014 was an increase in cost of goods sold of $8.4 million, a decrease in income tax expense of $3.8 million and a decrease in net income of $4.6 million. The following tables present the effects of the restatement on the previously issued financial statements presented herein.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2014 |  | September 30, 2014
|  | (in millions, except per share data)
|  | As previously reported |  | Adjustment |  | As restated |  | As previously reported |  | Adjustment |  | As restated
Condensed Consolidated Statements of Income (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold |  | $ | 801.7 |  |  | $ | 8.4 |  |  | $ | 810.1 |  |  | $ | 2,336.5 |  |  | $ | 8.4 |  |  | $ | 2,344.9 |
Gross profit |  | 149.1 |  |  | (8.4 | ) |  | 140.7 |  |  | 420.0 |  |  | (8.4 | ) |  | 411.6 |
Operating income |  | 85.1 |  |  | (8.4 | ) |  | 76.7 |  |  | 237.4 |  |  | (8.4 | ) |  | 229.0 |
Income before income taxes |  | 59.9 |  |  | (8.4 | ) |  | 51.5 |  |  | 164.0 |  |  | (8.4 | ) |  | 155.6 |
Income tax expense |  | 11.3 |  |  | (3.8 | ) |  | 7.5 |  |  | 29.6 |  |  | (3.8 | ) |  | 25.8 |
Net income |  | 48.6 |  |  | (4.6 | ) |  | 44.0 |  |  | 134.4 |  |  | (4.6 | ) |  | 129.8 |
Basic earnings per share |  | $ | 0.63 |  |  | $ | (0.06 | ) |  | $ | 0.57 |  |  | $ | 1.74 |  |  | $ | (0.06 | ) |  | $ | 1.68 |
Diluted earnings per share |  | $ | 0.63 |  |  | $ | (0.06 | ) |  | $ | 0.57 |  |  | $ | 1.74 |  |  | $ | (0.06 | ) |  | $ | 1.68 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 48.6 |  |  | $ | (4.6 | ) |  | $ | 44.0 |  |  | $ | 134.4 |  |  | $ | (4.6 | ) |  | $ | 129.8 |
Comprehensive income |  | 23.4 |  |  | (4.6 | ) |  | 18.8 |  |  | 127.7 |  |  | (4.6 | ) |  | 123.1 |
Condensed Consolidated Statements of Cash Flows (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  | $ | 134.4 |  |  | $ | (4.6 | ) |  | $ | 129.8 |
Deferred income taxes |  |  |  |  |  |  |  | 10.5 |  |  | (3.8 | ) |  | 6.7 |
Accounts payable and accrued expenses |  |  |  |  |  |  |  |  | 60.0 |  |  | 8.4 |  |  | 68.4 |
|  | September 30, 2014
|  | As previously reported |  | Adjustment |  | As restated
|  | (in millions)
Condensed Consolidated Balance Sheet (Unaudited) |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 108.5 |  |  | $ | 2.3 |  |  | $ | 110.8 |
Total current assets |  | 1,176.9 |  |  | 2.3 |  |  | 1,179.2 |
Total assets |  | 3,225.6 |  |  | 2.3 |  |  | 3,227.9 |
Accumulated deficit |  | (46.9 | ) |  | 2.3 |  |  | (44.6 | )
Total stockholders' equity |  | 169.3 |  |  | 2.3 |  |  | 171.6 |
Total liabilities and stockholders' equity |  | 3,225.6 |  |  | 2.3 |  |  | 3,227.9 |
|  | December 31, 2013
|  | As previously reported |  | Adjustment |  | As restated
|  | (in millions)
Condensed Consolidated Balance Sheet |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 123.5 |  |  | $ | (1.5 | ) |  | $ | 122.0 |
Total current assets |  | 997.8 |  |  | (1.5 | ) |  | 996.3 |
Total assets |  | 3,029.0 |  |  | (1.5 | ) |  | 3,027.5 |
Accounts payable |  | 445.8 |  |  | (8.4 | ) |  | 437.4 |
Total current liabilities |  | 667.1 |  |  | (8.4 | ) |  | 658.7 |
Total liabilities |  | 2,995.4 |  |  | (8.4 | ) |  | 2,987.0 |
Accumulated deficit |  | (181.3 | ) |  | 6.9 |  |  | (174.4 | )
Total stockholders' equity |  | 33.6 |  |  | 6.9 |  |  | 40.5 |

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration