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Financial Statements of Parent Company Guarantor (Tables) | 3 Months Ended
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Mar. 31, 2016
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended March 31, 2016
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Net sales | $ | — |  | $ | — |  | $ | — |  | $ | 1,575.5 |  | $ | — |  | $ | 1,575.5 |
Cost of goods sold | — |  | — |  | — |  | 1,040.1 |  | — |  | 1,040.1 |
Gross profit | — |  | — |  | — |  | 535.4 |  | — |  | 535.4 |
Selling, general and administrative | 8.4 |  | — |  | 0.9 |  | 322.3 |  | — |  | 331.6 |
Research and development | — |  | — |  | — |  | 33.2 |  | — |  | 33.2 |
Operating income (loss) | (8.4 | ) | — |  | (0.9 | ) | 179.9 |  | — |  | 170.6 |
Loss (earnings) from investment in subsidiaries | (115.8 | ) | (115.8 | ) | (144.1 | ) | — |  | 375.7 |  | — |
Other (income) expense: |  |  |  |  |  |
Equity income of unconsolidated subsidiaries | — |  | — |  | — |  | (0.9 | ) | — |  | (0.9 | )
Net interest expense | — |  | — |  | 27.4 |  | 9.0 |  | — |  | 36.4 |
Income (loss) before income taxes | 107.4 |  | 115.8 |  | 115.8 |  | 171.8 |  | (375.7 | ) | 135.1 |
Provision for income taxes | — |  | — |  | — |  | 27.7 |  | — |  | 27.7 |
Net income (loss) | $ | 107.4 |  | $ | 115.8 |  | $ | 115.8 |  | $ | 144.1 |  | $ | (375.7 | ) | $ | 107.4 |
Comprehensive income (loss), net of tax |  |  |  |  |  |
Net income (loss) | $ | 107.4 |  | $ | 115.8 |  | $ | 109.4 |  | $ | 137.7 |  | $ | (362.9 | ) | $ | 107.4 |
Changes in cumulative translation adjustment | 28.0 |  | 28.0 |  | 28.0 |  | 28.0 |  | (84.0 | ) | 28.0 |
Changes in market value of derivative financial instruments | (14.7 | ) | (14.7 | ) | (14.7 | ) | (14.7 | ) | 44.1 |  | (14.7 | )
Comprehensive income (loss) | $ | 120.7 |  | $ | 129.1 |  | $ | 122.7 |  | $ | 151.0 |  | $ | (402.8 | ) | $ | 120.7 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended March 28, 2015
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Net sales | $ | — |  | $ | — |  | $ | — |  | $ | 1,475.0 |  | $ | — |  | $ | 1,475.0 |
Cost of goods sold | — |  | — |  | — |  | 964.8 |  | — |  | 964.8 |
Gross profit | — |  | — |  | — |  | 510.2 |  | — |  | 510.2 |
Selling, general and administrative | 3.1 |  | 0.1 |  | 1.1 |  | 304.9 |  | — |  | 309.2 |
Research and development | — |  | — |  | — |  | 29.8 |  | — |  | 29.8 |
Operating income (loss) | (3.1 | ) | (0.1 | ) | (1.1 | ) | 175.5 |  | — |  | 171.2 |
Loss (earnings) from continuing operations of investment in subsidiaries | (120.7 | ) | (121.7 | ) | (118.5 | ) | — |  | 360.9 |  | — |
Other (income) expense: |  |  |  |  |  |
Equity income of unconsolidated subsidiaries | — |  | — |  | — |  | (0.5 | ) | — |  | (0.5 | )
Net interest expense | — |  | 0.9 |  | 3.5 |  | 13.8 |  | — |  | 18.2 |
Income (loss) from continuing operations before income taxes | 117.6 |  | 120.7 |  | 113.9 |  | 162.2 |  | (360.9 | ) | 153.5 |
Provision (benefit) for income taxes | (0.6 | ) | — |  | — |  | 35.9 |  | — |  | 35.3 |
Net income (loss) from continuing operations | 118.2 |  | 120.7 |  | 113.9 |  | 126.3 |  | (360.9 | ) | 118.2 |
Loss from discontinued operations, net of tax | — |  | — |  | — |  | (4.3 | ) | — |  | (4.3 | )
Earnings (loss) from discontinued operations of investment in subsidiaries | (4.3 | ) | (4.3 | ) | (4.3 | ) | — |  | 12.9 |  | — |
Net income (loss) | $ | 113.9 |  | $ | 116.4 |  | $ | 109.6 |  | $ | 122.0 |  | $ | (348.0 | ) | $ | 113.9 |
Comprehensive income (loss), net of tax |  |  |  |  |  |
Net income (loss) | $ | 113.9 |  | $ | 116.4 |  | $ | 109.6 |  | $ | 122.0 |  | $ | (348.0 | ) | $ | 113.9 |
Changes in cumulative translation adjustment | (174.2 | ) | (174.2 | ) | (174.2 | ) | (174.2 | ) | 522.6 |  | (174.2 | )
Changes in market value of derivative financial instruments | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | 0.3 |  | (0.1 | )
Comprehensive income (loss) | $ | (60.4 | ) | $ | (57.9 | ) | $ | (64.7 | ) | $ | (52.3 | ) | $ | 174.9 |  | $ | (60.4 | )
Schedule of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2016
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Assets
Current assets |  |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | — |  | $ | — |  | $ | 158.1 |  | $ | — |  | $ | 158.1 |
Accounts and notes receivable, net | — |  | — |  | — |  | 1,268.7 |  | — |  | 1,268.7 |
Inventories | — |  | — |  | — |  | 1,197.7 |  | — |  | 1,197.7 |
Other current assets | 10.0 |  | 6.8 |  | 3.4 |  | 387.2 |  | (26.0 | ) | 381.4 |
Total current assets | 10.0 |  | 6.8 |  | 3.4 |  | 3,011.7 |  | (26.0 | ) | 3,005.9 |
Property, plant and equipment, net | — |  | — |  | — |  | 951.8 |  | — |  | 951.8 |
Other assets |  |  |  |  |  |
Investments in subsidiaries | 4,624.9 |  | 4,609.0 |  | 9,019.4 |  | — |  | (18,253.3 | ) | — |
Goodwill | — |  | — |  | — |  | 5,250.0 |  | — |  | 5,250.0 |
Intangibles, net | — |  | — |  | — |  | 2,461.0 |  | — |  | 2,461.0 |
Other non-current assets | 12.6 |  | 10.5 |  | 1,119.8 |  | 1,132.1 |  | (1,913.5 | ) | 361.5 |
Total other assets | 4,637.5 |  | 4,619.5 |  | 10,139.2 |  | 8,843.1 |  | (20,166.8 | ) | 8,072.5 |
Total assets | $ | 4,647.5 |  | $ | 4,626.3 |  | $ | 10,142.6 |  | $ | 12,806.6 |  | $ | (20,192.8 | ) | $ | 12,030.2 |
Liabilities and Equity
Current liabilities |  |  |  |  |  |
Current maturities of long-term debt and short-term borrowings | $ | — |  | $ | — |  | $ | — |  | $ | 0.7 |  | $ | — |  | $ | 0.7 |
Accounts payable | 0.8 |  | — |  | — |  | 578.2 |  | — |  | 579.0 |
Employee compensation and benefits | 0.7 |  | 0.1 |  | — |  | 221.8 |  | — |  | 222.6 |
Other current liabilities | 71.9 |  | 1.3 |  | 20.4 |  | 597.7 |  | (26.0 | ) | 665.3 |
Total current liabilities | 73.4 |  | 1.4 |  | 20.4 |  | 1,398.4 |  | (26.0 | ) | 1,467.6 |
Other liabilities |  |  |  |  |  |
Long-term debt | 487.6 |  | — |  | 5,509.9 |  | 753.1 |  | (1,913.5 | ) | 4,837.1 |
Pension and other post-retirement compensation and benefits | — |  | — |  | — |  | 285.9 |  | — |  | 285.9 |
Deferred tax liabilities | — |  | — |  | 3.0 |  | 825.7 |  | — |  | 828.7 |
Other non-current liabilities | 2.3 |  | — |  | — |  | 524.4 |  | — |  | 526.7 |
Total liabilities | 563.3 |  | 1.4 |  | 5,533.3 |  | 3,787.5 |  | (1,939.5 | ) | 7,946.0 |
Equity | 4,084.2 |  | 4,624.9 |  | 4,609.3 |  | 9,019.1 |  | (18,253.3 | ) | 4,084.2 |
Total liabilities and equity | $ | 4,647.5 |  | $ | 4,626.3 |  | $ | 10,142.6 |  | $ | 12,806.6 |  | $ | (20,192.8 | ) | $ | 12,030.2 |
Condensed Consolidating Balance Sheet December 31, 2015
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Assets
Current assets |  |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | — |  | $ | 0.1 |  | $ | 126.2 |  | $ | — |  | $ | 126.3 |
Accounts and notes receivable, net | 0.1 |  | — |  | — |  | 1,167.6 |  | — |  | 1,167.7 |
Inventories | — |  | — |  | — |  | 1,174.3 |  | — |  | 1,174.3 |
Other current assets | 25.2 |  | 12.8 |  | — |  | 309.2 |  | (37.9 | ) | 309.3 |
Total current assets | 25.3 |  | 12.8 |  | 0.1 |  | 2,777.3 |  | (37.9 | ) | 2,777.6 |
Property, plant and equipment, net | — |  | — |  | — |  | 942.8 |  | — |  | 942.8 |
Other assets |  |  |  |  |  |
Investments in subsidiaries | 4,495.6 |  | 4,486.1 |  | 10,151.1 |  | — |  | (19,132.8 | ) | — |
Goodwill | — |  | — |  | — |  | 5,255.4 |  | — |  | 5,255.4 |
Intangibles, net | — |  | — |  | — |  | 2,490.1 |  | — |  | 2,490.1 |
Other non-current assets | 12.6 |  | — |  | 190.1 |  | 352.1 |  | (187.2 | ) | 367.6 |
Total other assets | 4,508.2 |  | 4,486.1 |  | 10,341.2 |  | 8,097.6 |  | (19,320.0 | ) | 8,113.1 |
Total assets | $ | 4,533.5 |  | $ | 4,498.9 |  | $ | 10,341.3 |  | $ | 11,817.7 |  | $ | (19,357.9 | ) | $ | 11,833.5 |
Liabilities and Equity
Current liabilities |  |  |  |  |  |
Current maturities of long-term debt and short-term borrowings | $ | — |  | $ | — |  | $ | — |  | $ | 0.7 |  | $ | — |  | $ | 0.7 |
Accounts payable | 0.6 |  | — |  | 0.3 |  | 577.9 |  | — |  | 578.8 |
Employee compensation and benefits | 0.4 |  | 0.1 |  | — |  | 262.4 |  | — |  | 262.9 |
Other current liabilities | 61.7 |  | 1.5 |  | 27.1 |  | 591.7 |  | (37.9 | ) | 644.1 |
Total current liabilities | 62.7 |  | 1.6 |  | 27.4 |  | 1,432.7 |  | (37.9 | ) | 1,486.5 |
Other liabilities |  |  |  |  |  |
Long-term debt | 453.3 |  | 1.7 |  | 4,535.5 |  | (117.5 | ) | (187.2 | ) | 4,685.8 |
Pension and other post-retirement compensation and benefits | — |  | — |  | — |  | 287.2 |  | — |  | 287.2 |
Deferred tax liabilities | — |  | — |  | 3.1 |  | 841.1 |  | — |  | 844.2 |
Other non-current liabilities | 8.7 |  | — |  | — |  | 512.3 |  | — |  | 521.0 |
Total liabilities | 524.7 |  | 3.3 |  | 4,566.0 |  | 2,955.8 |  | (225.1 | ) | 7,824.7 |
Equity | 4,008.8 |  | 4,495.6 |  | 5,775.3 |  | 8,861.9 |  | (19,132.8 | ) | 4,008.8 |
Total liabilities and equity | $ | 4,533.5 |  | $ | 4,498.9 |  | $ | 10,341.3 |  | $ | 11,817.7 |  | $ | (19,357.9 | ) | $ | 11,833.5 |
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2016
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Operating activities |  |  |  |  |  |
Net cash provided by (used for) operating activities | $ | 126.6 |  | $ | 99.9 |  | $ | 106.6 |  | $ | 27.6 |  | $ | (375.7 | ) | $ | (15.0 | )
Investing activities |  |  |  |  |  |
Capital expenditures | — |  | — |  | — |  | (38.2 | ) | — |  | (38.2 | )
Proceeds from sale of property and equipment | — |  | — |  | — |  | 6.3 |  | — |  | 6.3 |
Acquisitions, net of cash acquired | — |  | — |  | — |  | (0.1 | ) | — |  | (0.1 | )
Net intercompany loan activity | — |  | — |  | (6.5 | ) | 126.0 |  | (119.5 | ) | — |
Net cash provided by (used for) investing activities | — |  | — |  | (6.5 | ) | 94.0 |  | (119.5 | ) | (32.0 | )
Financing activities |  |  |  |  |  |
Net receipts of short-term borrowings | — |  | — |  | — |  | 0.7 |  | — |  | 0.7 |
Net receipts (repayments) of commercial paper and revolving long-term debt | — |  | — |  | 164.8 |  | (26.4 | ) | — |  | 138.4 |
Repayments of long-term debt | — |  | — |  | — |  | (0.7 | ) | — |  | (0.7 | )
Net change in advances to subsidiaries | (64.9 | ) | (99.9 | ) | (276.4 | ) | (54.0 | ) | 495.2 |  | — |
Excess tax benefits from share-based compensation | — |  | — |  | — |  | 0.5 |  | — |  | 0.5 |
Shares issued to employees, net of shares withheld | (1.6 | ) | — |  | — |  | — |  | — |  | (1.6 | )
Dividends paid | (60.1 | ) | — |  | — |  | — |  | — |  | (60.1 | )
Net cash provided by (used for) financing activities | (126.6 | ) | (99.9 | ) | (111.6 | ) | (79.9 | ) | 495.2 |  | 77.2 |
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | 11.4 |  | (9.8 | ) | — |  | 1.6 |
Change in cash and cash equivalents | — |  | — |  | (0.1 | ) | 31.9 |  | — |  | 31.8 |
Cash and cash equivalents, beginning of period | — |  | — |  | 0.1 |  | 126.2 |  | — |  | 126.3 |
Cash and cash equivalents, end of period | $ | — |  | $ | — |  | $ | — |  | $ | 158.1 |  | $ | — |  | $ | 158.1 |
Condensed Consolidating Statement of Cash Flows March 28, 2015
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Operating activities |  |  |  |  |  |
Net cash provided by (used for) operating activities | $ | 79.5 |  | $ | 102.4 |  | $ | 107.9 |  | $ | (75.0 | ) | $ | (348.0 | ) | $ | (133.2 | )
Investing activities |  |  |  |  |  |
Capital expenditures | — |  | — |  | — |  | (34.8 | ) | — |  | (34.8 | )
Proceeds from sale of property and equipment | — |  | — |  | — |  | 2.3 |  | — |  | 2.3 |
Acquisitions, net of cash acquired | — |  | — |  | — |  | (3.0 | ) | — |  | (3.0 | )
Intercompany loan activity | — |  | — |  | (468.5 | ) | 163.4 |  | 305.1 |  | — |
Net cash provided by (used for) investing activities of continuing operations | — |  | — |  | (468.5 | ) | 127.9 |  | 305.1 |  | (35.5 | )
Net cash provided by (used for) investing activities of discontinued operations | — |  | — |  | — |  | 54.9 |  | — |  | 54.9 |
Net cash provided by (used for) investing activities | — |  | — |  | (468.5 | ) | 182.8 |  | 305.1 |  | 19.4 |
Financing activities |  |  |  |  |  |
Net receipts (repayments) of commercial paper and revolving long-term debt | — |  | — |  | 406.5 |  | (0.5 | ) | — |  | 406.0 |
Repayments of long-term debt | — |  | — |  | — |  | (0.4 | ) | — |  | (0.4 | )
Net change in advances to subsidiaries | 178.0 |  | (102.4 | ) | (45.8 | ) | (72.7 | ) | 42.9 |  | — |
Excess tax benefits from share-based compensation | — |  | — |  | — |  | 2.8 |  | — |  | 2.8 |
Shares issued to employees, net of shares withheld | — |  | — |  | — |  | 8.7 |  | — |  | 8.7 |
Repurchases of ordinary shares | (200.0 | ) | — |  | — |  | — |  | — |  | (200.0 | )
Dividends paid | (57.5 | ) | — |  | — |  | — |  | — |  | (57.5 | )
Net cash provided by (used for) financing activities | (79.5 | ) | (102.4 | ) | 360.7 |  | (62.1 | ) | 42.9 |  | 159.6 |
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | — |  | (25.1 | ) | — |  | (25.1 | )
Change in cash and cash equivalents | — |  | — |  | 0.1 |  | 20.6 |  | — |  | 20.7 |
Cash and cash equivalents, beginning of period | — |  | — |  | 0.1 |  | 110.3 |  | — |  | 110.4 |
Cash and cash equivalents, end of period | $ | — |  | $ | — |  | $ | 0.2 |  | $ | 130.9 |  | $ | — |  | $ | 131.1 |

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