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v3.3.1.900

Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | 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 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 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 2: 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 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
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