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Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) | 12 Months Ended
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Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract] |
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) | RESTATEMENT OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) On March 10, 2016, the Company concluded that the unaudited Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2015 and the unaudited Condensed Consolidated Balance Sheet as of September 30, 2015, that were previously included in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2015, should be restated to correct an error as a result of recording an unrealized loss associated with a foreign currency hedge entered into in connection with the Alent Acquisition as a temporary rather than permanent difference for income tax accounting purposes. As detailed in the tables below, this restatement impacts the following unaudited Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet: RESTATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except loss per share)
|  | Three Months Ended September 30, 2015 |  | Nine Months Ended September 30, 2015
|  | As Reported |  | Adjustment |  | As Restated |  | As Reported |  | Adjustment |  | As Restated
Net sales |  | $ | 597.3 |  |  | $ | — |  |  | $ | 597.3 |  |  | $ | 1,807.3 |  |  | $ | — |  |  | $ | 1,807.3 |
Cost of sales |  | 354.6 |  |  | — |  |  | 354.6 |  |  | 1,088.8 |  |  | — |  |  | 1,088.8 |
Gross profit |  | 242.7 |  |  | — |  |  | 242.7 |  |  | 718.5 |  |  | — |  |  | 718.5 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Selling, technical, general and administrative |  | 194.8 |  |  | — |  |  | 194.8 |  |  | 593.2 |  |  | — |  |  | 593.2 |
Research and development |  | 16.6 |  |  | — |  |  | 16.6 |  |  | 47.8 |  |  | — |  |  | 47.8 |
Total operating expenses |  | 211.4 |  |  | — |  |  | 211.4 |  |  | 641.0 |  |  | — |  |  | 641.0 |
Operating profit |  | 31.3 |  |  | — |  |  | 31.3 |  |  | 77.5 |  |  | — |  |  | 77.5 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | (52.7 | ) |  | — |  |  | (52.7 | ) |  | (143.2 | ) |  | — |  |  | (143.2 | )
Loss on derivative contracts |  | (47.3 | ) |  | — |  |  | (47.3 | ) |  | (49.9 | ) |  | — |  |  | (49.9 | )
Foreign exchange loss |  | (36.9 | ) |  | — |  |  | (36.9 | ) |  | (19.3 | ) |  | — |  |  | (19.3 | )
Other income, net |  | 1.4 |  |  | — |  |  | 1.4 |  |  | 19.8 |  |  | — |  |  | 19.8 |
Total other expense |  | (135.5 | ) |  | — |  |  | (135.5 | ) |  | (192.6 | ) |  | — |  |  | (192.6 | )
(Loss) income before income taxes and non-controlling interests |  | (104.2 | ) |  | — |  |  | (104.2 | ) |  | (115.1 | ) |  | — |  |  | (115.1 | )
Income tax (expense) benefit |  | (17.6 | ) |  | (17.8 | ) |  | (35.4 | ) |  | (42.0 | ) |  | (17.8 | ) |  | (59.8 | )
Net (loss) income |  | (121.8 | ) |  | (17.8 | ) |  | (139.6 | ) |  | (157.1 | ) |  | (17.8 | ) |  | (174.9 | )
Net income attributable to the non-controlling interests |  | (0.5 | ) |  | — |  |  | (0.5 | ) |  | (4.0 | ) |  | — |  |  | (4.0 | )
Net (loss) income attributable to common stockholders |  | $ | (122.3 | ) |  | $ | (17.8 | ) |  | $ | (140.1 | ) |  | $ | (161.1 | ) |  | $ | (17.8 | ) |  | $ | (178.9 | )
(Loss) earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.58 | ) |  | $ | (0.08 | ) |  | $ | (0.66 | ) |  | $ | (0.81 | ) |  | $ | (0.08 | ) |  | $ | (0.89 | )
Diluted |  | $ | (0.58 | ) |  | $ | (0.08 | ) |  | $ | (0.66 | ) |  | $ | (0.81 | ) |  | $ | (0.08 | ) |  | $ | (0.89 | )
Weighted average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 210.9 |  |  | — |  |  | 210.9 |  |  | 198.6 |  |  | — |  |  | 198.6 |
Diluted |  | 210.9 |  |  | — |  |  | 210.9 |  |  | 198.6 |  |  | — |  |  | 198.6 |
RESTATED CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In millions, except share and per share amounts)
|  | September 30, 2015
|  | As Reported |  | Adjustment |  | As Restated
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 682.0 |  |  | $ | — |  |  | $ | 682.0 |
Restricted cash |  | 0.3 |  |  | — |  |  | 0.3 |
Accounts receivable, net of allowance for doubtful accounts of $14.0 at September 30, 2015 |  | 943.4 |  |  | — |  |  | 943.4 |
Inventories |  | 466.9 |  |  | — |  |  | 466.9 |
Prepaid expenses and other current assets |  | 220.1 |  |  | (19.6 | ) |  | 200.5 |
Total current assets |  | 2,312.7 |  |  | (19.6 | ) |  | 2,293.1 |
Property, plant and equipment, net |  | 266.9 |  |  | — |  |  | 266.9 |
Goodwill |  | 2,842.0 |  |  | — |  |  | 2,842.0 |
Intangible assets, net |  | 2,577.9 |  |  | — |  |  | 2,577.9 |
Other assets |  | 76.3 |  |  | 2.8 |  |  | 79.1 |
Total assets |  | $ | 8,075.8 |  |  | $ | (16.8 | ) |  | $ | 8,059.0 |
Liabilities & Stockholders' Equity |  |  |  |  |  |  |  |
Accounts payable |  | $ | 386.1 |  |  | $ | — |  |  | $ | 386.1 |
Current installments of long-term debt and revolving credit facilities |  | 36.1 |  |  | — |  |  | 36.1 |
Accrued income taxes payable |  | 102.7 |  |  | 1.0 |  |  | 103.7 |
Accrued customer rebates and sales incentives |  | 129.0 |  |  | — |  |  | 129.0 |
Financial guarantees and factoring |  | 59.0 |  |  | — |  |  | 59.0 |
Other current liabilities |  | 252.2 |  |  | — |  |  | 252.2 |
Total current liabilities |  | 965.1 |  |  | 1.0 |  |  | 966.1 |
Long-term debt and capital lease obligations |  | 3,401.4 |  |  | — |  |  | 3,401.4 |
Long-term retirement benefits, less current portion |  | 44.2 |  |  | — |  |  | 44.2 |
Long-term deferred income taxes |  | 567.1 |  |  | — |  |  | 567.1 |
Long-term contingent consideration |  | 70.2 |  |  | — |  |  | 70.2 |
Other long-term liabilities |  | 113.6 |  |  | — |  |  | 113.6 |
Total liabilities |  | 5,161.6 |  |  | 1.0 |  |  | 5,162.6 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |  |  |
Redeemable preferred stock - Series B |  | 645.9 |  |  | — |  |  | 645.9 |
Stockholders' Equity |  |  |  |  |  |  |  |
Preferred stock - Series A |  | — |  |  | — |  |  | — |
Common stock, $0.01 par value per share (effective January 23, 2014), 400,000,000 shares authorized, 210,879,597 shares issued and outstanding at September 30, 2015 |  | 2.1 |  |  | — |  |  | 2.1 |
Additional paid-in capital |  | 3,287.3 |  |  | — |  |  | 3,287.3 |
Accumulated deficit |  | (385.2 | ) |  | (17.8 | ) |  | (403.0 | )
Accumulated other comprehensive loss |  | (741.4 | ) |  | — |  |  | (741.4 | )
Total stockholders' equity |  | 2,162.8 |  |  | (17.8 | ) |  | 2,145.0 |
Non-controlling interests |  | 105.5 |  |  | — |  |  | 105.5 |
Total equity |  | 2,268.3 |  |  | (17.8 | ) |  | 2,250.5 |
Total liabilities, redeemable preferred shares and equity |  | $ | 8,075.8 |  |  | $ | (16.8 | ) |  | $ | 8,059.0 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + 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 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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