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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Cable Corp. (delisted) | NYSE:BGC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.00 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
06-1398235
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
4 Tesseneer Drive
Highland Heights, KY
|
41076-9753
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
Emerging growth company
|
¨
|
Class
|
Outstanding at October 27, 2017
|
Common Stock, $0.01 par value
|
49,964,694
|
|
|
PAGE
|
PART I
|
Financial Information
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
PART II
|
Other Information
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
Three Fiscal Months Ended
|
|
Nine Fiscal Months Ended
|
||||||||||||
|
September 29,
2017 |
|
September 30,
2016 |
|
September 29,
2017 |
|
September 30,
2016 |
||||||||
Net sales
|
$
|
994.0
|
|
|
$
|
924.5
|
|
|
$
|
2,855.3
|
|
|
$
|
2,948.4
|
|
Cost of sales
|
884.8
|
|
|
821.6
|
|
|
2,526.6
|
|
|
2,615.4
|
|
||||
Gross profit
|
109.2
|
|
|
102.9
|
|
|
328.7
|
|
|
333.0
|
|
||||
Selling, general and administrative expenses
|
108.4
|
|
|
86.1
|
|
|
326.9
|
|
|
238.0
|
|
||||
Goodwill impairment charges
|
—
|
|
|
7.4
|
|
|
—
|
|
|
9.0
|
|
||||
Intangible asset impairment charges
|
—
|
|
|
4.7
|
|
|
—
|
|
|
7.5
|
|
||||
Operating income (loss)
|
0.8
|
|
|
4.7
|
|
|
1.8
|
|
|
78.5
|
|
||||
Other income (expense)
|
10.7
|
|
|
(2.1
|
)
|
|
17.9
|
|
|
4.7
|
|
||||
Interest income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(19.2
|
)
|
|
(22.5
|
)
|
|
(59.3
|
)
|
|
(67.2
|
)
|
||||
Interest income
|
0.3
|
|
|
0.2
|
|
|
1.4
|
|
|
1.2
|
|
||||
|
(18.9
|
)
|
|
(22.3
|
)
|
|
(57.9
|
)
|
|
(66.0
|
)
|
||||
Income (loss) before income taxes
|
(7.4
|
)
|
|
(19.7
|
)
|
|
(38.2
|
)
|
|
17.2
|
|
||||
Income tax (provision) benefit
|
(6.8
|
)
|
|
5.7
|
|
|
(32.3
|
)
|
|
(7.7
|
)
|
||||
Equity in net earnings of affiliated companies
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.7
|
|
||||
Net income (loss) including noncontrolling interest
|
(14.2
|
)
|
|
(13.7
|
)
|
|
(70.5
|
)
|
|
10.2
|
|
||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
0.6
|
|
|
2.1
|
|
|
(0.6
|
)
|
||||
Net income (loss) attributable to Company common shareholders
|
$
|
(14.2
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(72.6
|
)
|
|
$
|
10.8
|
|
Earnings (loss) per share - Net income (loss) attributable to Company common shareholders per common share
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share-basic
|
$
|
(0.28
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(1.45
|
)
|
|
$
|
0.22
|
|
Earnings (loss) per common share-assuming dilution
|
$
|
(0.28
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(1.45
|
)
|
|
$
|
0.21
|
|
Dividends per common share
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.54
|
|
|
$
|
0.54
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(14.2
|
)
|
|
$
|
(13.7
|
)
|
|
$
|
(70.5
|
)
|
|
$
|
10.2
|
|
Currency translation gain (loss)
|
18.3
|
|
|
13.4
|
|
|
68.7
|
|
|
44.6
|
|
||||
Defined benefit plan adjustments, net of tax of $0.3 million and $0.9 million in the three and nine months ended September 29, 2017 and $0.9 million and $2.7 million in the three and nine months ended September 30, 2016
|
1.1
|
|
|
1.3
|
|
|
3.3
|
|
|
3.9
|
|
||||
Comprehensive income (loss), net of tax
|
5.2
|
|
|
1.0
|
|
|
1.5
|
|
|
58.7
|
|
||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
|
—
|
|
|
1.2
|
|
|
13.4
|
|
|
(0.1
|
)
|
||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax
|
$
|
5.2
|
|
|
$
|
(0.2
|
)
|
|
$
|
(11.9
|
)
|
|
$
|
58.8
|
|
|
September 29,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
72.2
|
|
|
$
|
101.1
|
|
Receivables, net of allowances of $18.6 million at September 29, 2017 and $20.2 million at December 31, 2016
|
766.9
|
|
|
664.5
|
|
||
Inventories
|
733.2
|
|
|
768.2
|
|
||
Prepaid expenses and other
|
77.4
|
|
|
65.4
|
|
||
Total current assets
|
1,649.7
|
|
|
1,599.2
|
|
||
Property, plant and equipment, net
|
530.4
|
|
|
529.3
|
|
||
Deferred income taxes
|
9.3
|
|
|
20.4
|
|
||
Goodwill
|
11.1
|
|
|
12.0
|
|
||
Intangible assets, net
|
24.4
|
|
|
28.3
|
|
||
Unconsolidated affiliated companies
|
0.2
|
|
|
9.0
|
|
||
Other non-current assets
|
59.4
|
|
|
43.4
|
|
||
Total assets
|
$
|
2,284.5
|
|
|
$
|
2,241.6
|
|
Liabilities and Total Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
448.4
|
|
|
$
|
414.0
|
|
Accrued liabilities
|
328.1
|
|
|
419.6
|
|
||
Current portion of long-term debt
|
54.8
|
|
|
67.5
|
|
||
Total current liabilities
|
831.3
|
|
|
901.1
|
|
||
Long-term debt
|
1,036.2
|
|
|
871.1
|
|
||
Deferred income taxes
|
125.9
|
|
|
126.7
|
|
||
Other liabilities
|
168.1
|
|
|
173.8
|
|
||
Total liabilities
|
2,161.5
|
|
|
2,072.7
|
|
||
Commitments and contingencies (see Note 17)
|
|
|
|
||||
Total Equity:
|
|
|
|
||||
Common stock, $0.01 par value, issued and outstanding shares:
|
|
|
|
||||
September 29, 2017 – 49,780,438 (net of 9,029,528 treasury shares)
|
|
|
|
||||
December 31, 2016 – 49,390,850 (net of 9,419,116 treasury shares)
|
0.6
|
|
|
0.6
|
|
||
Additional paid-in capital
|
709.8
|
|
|
711.0
|
|
||
Treasury stock
|
(163.1
|
)
|
|
(169.9
|
)
|
||
Retained earnings (deficit)
|
(201.4
|
)
|
|
(102.2
|
)
|
||
Accumulated other comprehensive income (loss)
|
(225.7
|
)
|
|
(286.4
|
)
|
||
Total Company shareholders’ equity
|
120.2
|
|
|
153.1
|
|
||
Noncontrolling interest
|
2.8
|
|
|
15.8
|
|
||
Total equity
|
123.0
|
|
|
168.9
|
|
||
Total liabilities and equity
|
$
|
2,284.5
|
|
|
$
|
2,241.6
|
|
|
Nine Fiscal Months Ended
|
||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||
Cash flows of operating activities:
|
|
|
|
||||
Net income (loss) including noncontrolling interest
|
$
|
(70.5
|
)
|
|
$
|
10.2
|
|
Adjustments to reconcile net income (loss) to net cash flows of operating activities:
|
|
|
|
||||
Depreciation and amortization
|
56.8
|
|
|
66.3
|
|
||
Foreign currency exchange (gain) loss
|
3.5
|
|
|
(0.9
|
)
|
||
Deferred income taxes
|
7.6
|
|
|
(5.4
|
)
|
||
Non-cash asset impairment charges
|
2.3
|
|
|
39.3
|
|
||
Non-cash interest charges
|
3.0
|
|
|
2.8
|
|
||
(Gain) loss on disposal of subsidiaries
|
72.8
|
|
|
(53.9
|
)
|
||
(Gain) loss on disposal of property
|
3.4
|
|
|
1.7
|
|
||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
|
|
|
|
||||
(Increase) decrease in receivables
|
(79.5
|
)
|
|
(29.1
|
)
|
||
(Increase) decrease in inventories
|
20.9
|
|
|
58.5
|
|
||
(Increase) decrease in other assets
|
(0.8
|
)
|
|
0.4
|
|
||
Increase (decrease) in accounts payable
|
26.0
|
|
|
(2.7
|
)
|
||
Increase (decrease) in accrued and other liabilities
|
(111.7
|
)
|
|
(21.3
|
)
|
||
Net cash flows of operating activities
|
(66.2
|
)
|
|
65.9
|
|
||
Cash flows of investing activities:
|
|
|
|
||||
Capital expenditures
|
(71.9
|
)
|
|
(53.5
|
)
|
||
Proceeds from properties sold
|
0.9
|
|
|
1.1
|
|
||
Disposal of subsidiaries, net of cash disposed of
|
0.1
|
|
|
80.0
|
|
||
Investment in restricted cash
|
(10.0
|
)
|
|
—
|
|
||
Other
|
—
|
|
|
0.2
|
|
||
Net cash flows of investing activities
|
(80.9
|
)
|
|
27.8
|
|
||
Cash flows of financing activities:
|
|
|
|
||||
Dividends paid to shareholders
|
(27.5
|
)
|
|
(26.7
|
)
|
||
Proceeds from debt
|
1,637.6
|
|
|
1,155.5
|
|
||
Repayments of debt
|
(1,497.1
|
)
|
|
(1,223.9
|
)
|
||
Proceeds from sale leaseback transaction
|
—
|
|
|
6.2
|
|
||
Dividends paid to noncontrolling interest
|
—
|
|
|
(0.1
|
)
|
||
Net cash flows of financing activities
|
113.0
|
|
|
(89.0
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
5.2
|
|
|
3.1
|
|
||
Increase (decrease) in cash and cash equivalents
|
(28.9
|
)
|
|
7.8
|
|
||
Cash and cash equivalents – beginning of period
|
101.1
|
|
|
112.4
|
|
||
Cash and cash equivalents – end of period
|
$
|
72.2
|
|
|
$
|
120.2
|
|
Supplemental Information
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Income tax payments, net of refunds
|
$
|
8.8
|
|
|
$
|
12.7
|
|
Interest paid
|
$
|
61.7
|
|
|
$
|
65.9
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Capital expenditures included in accounts payable
|
$
|
4.9
|
|
|
$
|
18.8
|
|
|
|
|
General Cable Total Equity
|
|
|
||||||||||||||||||||||
|
Total Equity
|
|
Common
Stock
|
|
Additional
Paid in
Capital
|
|
Treasury
Stock
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
|
Noncontrolling
Interest
|
||||||||||||||
Balance, December 31, 2016
|
$
|
168.9
|
|
|
$
|
0.6
|
|
|
$
|
711.0
|
|
|
$
|
(169.9
|
)
|
|
$
|
(102.2
|
)
|
|
$
|
(286.4
|
)
|
|
$
|
15.8
|
|
Comprehensive income (loss)
|
1.5
|
|
|
|
|
|
|
|
|
(72.6
|
)
|
|
60.7
|
|
|
13.4
|
|
||||||||||
Common stock dividend
|
(27.5
|
)
|
|
|
|
|
|
|
|
(27.5
|
)
|
|
|
|
|
||||||||||||
Stock options and RSU expense
|
7.6
|
|
|
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Sale of noncontrolling interests
|
(26.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(26.4
|
)
|
|||||||||||
Other – issuance pursuant to restricted stock, stock options and other
|
(1.1
|
)
|
|
|
|
(8.8
|
)
|
|
6.8
|
|
|
0.9
|
|
|
|
|
|
|
|||||||||
Balance, September 29, 2017
|
$
|
123.0
|
|
|
$
|
0.6
|
|
|
$
|
709.8
|
|
|
$
|
(163.1
|
)
|
|
$
|
(201.4
|
)
|
|
$
|
(225.7
|
)
|
|
$
|
2.8
|
|
|
|
|
General Cable Total Equity
|
|
|
||||||||||||||||||||||
|
Total Equity
|
|
Common
Stock
|
|
Additional
Paid in
Capital
|
|
Treasury
Stock
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
|
Noncontrolling
Interest
|
||||||||||||||
Balance, December 31, 2015
|
$
|
242.9
|
|
|
$
|
0.6
|
|
|
$
|
720.5
|
|
|
$
|
(180.1
|
)
|
|
$
|
27.2
|
|
|
$
|
(340.2
|
)
|
|
$
|
14.9
|
|
Comprehensive income (loss)
|
58.7
|
|
|
|
|
|
|
|
|
10.8
|
|
|
48.0
|
|
|
(0.1
|
)
|
||||||||||
Common stock dividend
|
(26.7
|
)
|
|
|
|
|
|
|
|
(26.7
|
)
|
|
|
|
|
||||||||||||
Excess tax benefit (deficiency) from stock based compensation
|
(3.3
|
)
|
|
|
|
(3.3
|
)
|
|
|
|
|
|
|
|
|
||||||||||||
Stock options and RSU expense
|
6.8
|
|
|
|
|
6.8
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other – issuance pursuant to restricted stock, stock options and other
|
(1.4
|
)
|
|
|
|
(9.9
|
)
|
|
8.5
|
|
|
|
|
|
|
|
|||||||||||
Balance, September 30, 2016
|
$
|
277.0
|
|
|
$
|
0.6
|
|
|
$
|
714.1
|
|
|
$
|
(171.6
|
)
|
|
$
|
11.3
|
|
|
$
|
(292.2
|
)
|
|
$
|
14.8
|
|
Entity
|
|
Sale /
Closure
|
|
Sale / Closure Date
|
|
Gross Proceeds
|
|
Pre-tax Gain / (Loss)
(1)
|
||||
General Cable (Tianjin) Alloy Products Company Limited ("China")
(2)
|
|
Sale
|
|
Third Quarter 2017
|
|
$
|
8.8
|
|
|
$
|
(19.9
|
)
|
General Cable Australia Pty. Ltd. ("Australia")
|
|
Closure
|
|
Second Quarter 2017
|
|
—
|
|
|
(4.2
|
)
|
||
Pakistan Cables Limited ("Pakistan") - 24.6% interest
|
|
Sale
|
|
First Quarter 2017
|
|
5.3
|
|
|
(3.5
|
)
|
||
General Cable Energy India Private Ltd. ("India")
|
|
Sale
|
|
First Quarter 2016
|
|
10.8
|
|
|
1.6
|
|
||
Phelps Dodge International Thailand ("Thailand") - 75.47% interest
|
|
Sale
|
|
Third Quarter 2015
|
|
88.0
|
|
|
16.1
|
|
||
Dominion Wire and Cables ("Fiji") - 51% interest
|
|
Sale
|
|
First Quarter 2015
|
|
9.3
|
|
|
(2.6
|
)
|
||
Keystone Electric Wire and Cable ("Keystone") - 20% interest
|
|
Sale
|
|
First Quarter 2015
|
|
11.0
|
|
|
3.6
|
|
||
Phelps Dodge International Philippines, Inc. ("PDP") - 60% interest and Phelps Dodge Philippines Energy Products Corp (“PDEP”), (together, "the Philippines")
|
|
Sale
|
|
Fourth Quarter 2014
|
|
67.1
|
|
|
17.6
|
|
(1)
|
The pre-tax gain / (loss) for each sale or liquidation was recorded in the Selling, general and administrative ("SG&A") expenses caption of the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) includes the reclassification of foreign currency translation adjustments upon sale of the entity. The aggregate pre-tax loss on the reclassification of foreign currency translation adjustments upon sale or liquidation of the Asia Pacific divestiture entities is
$47.8 million
.
|
(2)
|
In the fourth quarter of 2016, the Company updated its strategic path forward based on the current business environment and economic challenges for its China business. In anticipation of a prolonged sales process given the challenging environment, the Company's updated internal projections (based on a probability weighted cash flows approach), resulted in a long-lived asset impairment loss in cost of sales of
$11.0 million
in the fourth quarter of 2016. The Company continued to pursue process improvement initiatives through the first half of 2017; however, in the third quarter of 2017, the Company completed an accelerated sale of China, recognizing a pre-tax loss of
$19.9 million
.
|
Entity
|
|
Sale /
Closure
|
|
Sale / Closure Date
|
|
Gross Proceeds
|
|
Pre-tax Gain / (Loss)
(1)
|
||||
Entreprise des Industries du Cable de Biskra SPA ("Algeria") - 70% interest
|
|
Sale
|
|
Second Quarter 2017
|
|
$
|
3.8
|
|
|
$
|
(38.0
|
)
|
General Cable Phoenix South Africa Pty. Ltd. ("South Africa - Durban")
|
|
Closure
|
|
Fourth Quarter 2016
|
|
—
|
|
|
1.6
|
|
||
National Cables (Pty) Ltd. ("South Africa - National
Cables")
|
|
Closure
|
|
Fourth Quarter 2016
|
|
—
|
|
|
(29.4
|
)
|
||
Metal Fabricators of Zambia PLC ("Zambia") - 75.39% interest
|
|
Sale
|
|
Third Quarter 2016
|
|
9.8
|
|
|
(14.4
|
)
|
||
General Cable S.A.E. ("Egypt")
|
|
Sale
|
|
Second Quarter 2016
|
|
5.8
|
|
|
(8.4
|
)
|
(1)
|
The pre-tax gain / (loss) for each sale or liquidation was recorded in the SG&A expenses caption of the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) includes the reclassification of foreign currency translation adjustments upon sale of the entity. The aggregate pre-tax loss on the reclassification of foreign currency translation adjustments upon sale or liquidation of the Africa divestiture entities is
$79.4 million
.
|
|
North America
|
Europe
|
Latin America
|
Total
|
||||||||
Total expected restructuring costs
|
$
|
80.0
|
|
$
|
24.0
|
|
$
|
6.0
|
|
$
|
110.0
|
|
Total aggregate costs to date
|
78.0
|
|
22.2
|
|
5.5
|
|
105.7
|
|
||||
Estimated remaining costs
|
$
|
2.0
|
|
$
|
1.8
|
|
$
|
0.5
|
|
$
|
4.3
|
|
|
North America
|
Europe
|
Latin America
|
Total
|
||||||||
Cost of sales incurred in the three months ended September 29, 2017
|
$
|
1.4
|
|
$
|
(0.4
|
)
|
$
|
—
|
|
$
|
1.0
|
|
SG&A expenses incurred in the three months ended September 29, 2017
|
4.8
|
|
—
|
|
—
|
|
4.8
|
|
||||
Cost of sales incurred in the nine months ended September 29, 2017
|
6.4
|
|
0.1
|
|
0.3
|
|
6.8
|
|
||||
SG&A expenses incurred in the nine months ended September 29, 2017
|
22.8
|
|
1.7
|
|
—
|
|
24.5
|
|
|
North America
|
Europe
|
Latin America
|
Total
|
||||||||
Cost of sales incurred in the three months ended September 30, 2016
|
$
|
2.0
|
|
$
|
0.1
|
|
$
|
0.3
|
|
$
|
2.4
|
|
SG&A expenses incurred in the three months ended September 30, 2016
|
21.0
|
|
—
|
|
—
|
|
21.0
|
|
||||
Cost of sales incurred in the nine months ended September 30, 2016
|
5.7
|
|
2.5
|
|
0.5
|
|
8.7
|
|
||||
SG&A expenses incurred in the nine months ended September 30, 2016
|
29.6
|
|
1.2
|
|
0.3
|
|
31.1
|
|
|
Employee Separation Costs
|
Asset-Related Costs
|
Other Costs
|
Total
|
||||||||
Total expected restructuring charges
|
$
|
17.0
|
|
$
|
25.0
|
|
$
|
68.0
|
|
$
|
110.0
|
|
Balance, December 31, 2016
|
$
|
5.9
|
|
$
|
—
|
|
$
|
13.3
|
|
$
|
19.2
|
|
Net provisions
|
3.3
|
|
2.3
|
|
25.7
|
|
31.3
|
|
||||
Net benefits (provisions) charged against net assets
|
—
|
|
(2.3
|
)
|
(0.2
|
)
|
(2.5
|
)
|
||||
Payments
|
(6.9
|
)
|
—
|
|
(38.2
|
)
|
(45.1
|
)
|
||||
Foreign currency translation
|
0.2
|
|
—
|
|
0.5
|
|
0.7
|
|
||||
Balance, September 29, 2017
|
$
|
2.5
|
|
$
|
—
|
|
$
|
1.1
|
|
$
|
3.6
|
|
Total aggregate costs to date
|
$
|
16.0
|
|
$
|
23.6
|
|
$
|
66.1
|
|
$
|
105.7
|
|
(in millions)
|
September 29, 2017
|
|
December 31, 2016
|
||||
Raw materials
|
$
|
163.7
|
|
|
$
|
170.7
|
|
Work in process
|
134.3
|
|
|
130.3
|
|
||
Finished goods
|
435.2
|
|
|
467.2
|
|
||
Total
|
$
|
733.2
|
|
|
$
|
768.2
|
|
|
September 29, 2017
|
|
December 31, 2016
|
||||
Land
|
$
|
44.3
|
|
|
$
|
44.7
|
|
Buildings and leasehold improvements
|
216.9
|
|
|
206.5
|
|
||
Machinery, equipment and office furnishings
|
717.3
|
|
|
714.4
|
|
||
Construction in progress
|
55.6
|
|
|
53.5
|
|
||
Total gross book value
|
1,034.1
|
|
|
1,019.1
|
|
||
Less accumulated depreciation
|
(503.7
|
)
|
|
(489.8
|
)
|
||
Total net book value
|
$
|
530.4
|
|
|
$
|
529.3
|
|
|
Goodwill
|
|
Indefinite-Lived Assets – Trade Names
|
||||||||||||||||||||
|
North
America
|
|
Latin America
|
|
Total
|
|
North
America
|
|
Europe
|
|
Total
|
||||||||||||
Balance, December 31, 2016
|
$
|
8.1
|
|
|
$
|
3.9
|
|
|
$
|
12.0
|
|
|
$
|
0.4
|
|
|
$
|
0.4
|
|
|
$
|
0.8
|
|
Currency translation and other adjustments
|
(0.9
|
)
|
|
—
|
|
|
(0.9
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||
Goodwill and indefinite-lived asset impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance, September 29, 2017
|
$
|
7.2
|
|
|
$
|
3.9
|
|
|
$
|
11.1
|
|
|
$
|
0.4
|
|
|
$
|
0.3
|
|
|
$
|
0.7
|
|
|
September 29, 2017
|
|
December 31, 2016
|
||||
Amortized intangible assets:
|
|
|
|
||||
Amortized intangible assets
|
$
|
108.9
|
|
|
$
|
108.9
|
|
Accumulated amortization
|
(89.1
|
)
|
|
(85.0
|
)
|
||
Foreign currency translation adjustment
|
(4.8
|
)
|
|
(5.2
|
)
|
||
Amortized intangible assets, net
|
$
|
15.0
|
|
|
$
|
18.7
|
|
9.
|
Long-Term Debt
|
(in millions)
|
|
September 29, 2017
|
|
December 31, 2016
|
||||
North America
|
|
|
|
|
||||
5.75% Senior Notes due 2022 ("5.75% Senior Notes")
|
|
$
|
600.0
|
|
|
$
|
600.0
|
|
Subordinated Convertible Notes due 2029 ("Subordinated Convertible Notes")
|
|
429.5
|
|
|
429.5
|
|
||
Debt discount
|
|
(253.8
|
)
|
|
(255.6
|
)
|
||
Debt issuance costs
|
|
(9.5
|
)
|
|
(10.6
|
)
|
||
Asset-Based Revolving Credit Facility ("Revolving Credit Facility")
|
|
210.3
|
|
|
75.9
|
|
||
Other
|
|
9.0
|
|
|
9.0
|
|
||
Europe
|
|
|
|
|
||||
Revolving Credit Facility
|
|
47.3
|
|
|
—
|
|
||
Other
|
|
6.4
|
|
|
7.4
|
|
||
Latin America credit facilities
|
|
51.8
|
|
|
82.4
|
|
||
Africa/Asia Pacific credit facilities
|
|
—
|
|
|
0.6
|
|
||
Total debt
|
|
1,091.0
|
|
|
938.6
|
|
||
Less current maturities
|
|
54.8
|
|
|
67.5
|
|
||
Long-term debt
|
|
$
|
1,036.2
|
|
|
$
|
871.1
|
|
|
|
5.75% Senior Notes
|
||||||
(in millions)
|
|
September 29, 2017
|
|
December 31, 2016
|
||||
Face Value
|
|
$
|
600.0
|
|
|
$
|
600.0
|
|
Debt issuance costs
|
|
(6.1
|
)
|
|
(7.0
|
)
|
||
Book value
|
|
593.9
|
|
|
593.0
|
|
||
Fair Value (Level 1)
|
|
603.0
|
|
|
579.0
|
|
||
Interest Rate
|
|
5.75
|
%
|
|
5.75
|
%
|
||
Interest Payment
|
|
Semi-Annual: Apr 1 & Oct 1
|
||||||
Maturity Date
|
|
October 2022
|
||||||
Guarantee
|
|
Jointly and severally guaranteed by the Company's wholly owned U.S. subsidiaries
|
|
|
5.75% Senior Notes
|
|
Beginning Date
|
Percentage
|
Call Option
(1)
|
October 1, 2017
|
102.875%
|
|
October 1, 2018
|
101.917%
|
|
October 1, 2019
|
100.958%
|
|
October 1, 2020 and thereafter
|
100.000%
|
(1)
|
The Company may, at its option, redeem the 5.75% Senior Notes on or after the stated beginning dates at percentages noted above (plus accrued and unpaid interest). Additionally, on or prior to October 1, 2015, the Company had the right to redeem in the aggregate up to
35%
of the aggregate principal amount of 5.75% Senior Notes issued with the cash proceeds from one or more equity offerings, at a redemption price in cash equal to
105.75%
of the principal plus accrued and unpaid interest so long as (i) at least
65%
of the aggregate principal amount of the 5.75% Senior Notes issued remained outstanding immediately
|
|
|
Subordinated Convertible
Notes
|
||||||
(in millions)
|
|
September 29, 2017
|
|
December 31, 2016
|
||||
Face value
|
|
$
|
429.5
|
|
|
$
|
429.5
|
|
Debt discount
|
|
(253.8
|
)
|
|
(255.6
|
)
|
||
Debt issuance costs
|
|
(3.4
|
)
|
|
(3.6
|
)
|
||
Book value
|
|
172.3
|
|
|
170.3
|
|
||
Fair value (Level 1)
|
|
382.9
|
|
|
343.8
|
|
||
Maturity date
|
|
Nov 2029
|
||||||
Stated annual interest rate
|
|
4.50% until Nov 2019
2.25% until Nov 2029
|
||||||
Interest payments
|
|
Semi-annually:
May 15 & Nov 15
|
(in millions)
|
|
September 29, 2017
|
|
December 31, 2016
|
||||
Outstanding borrowings
|
|
$
|
51.8
|
|
|
$
|
82.4
|
|
Undrawn availability
|
|
35.3
|
|
|
38.2
|
|
||
Interest rate – weighted average
|
|
7.7
|
%
|
|
11.0
|
%
|
||
Maturity date
|
|
Various
|
10.
|
Financial Instruments
|
|
September 29, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Notional
Amount
|
|
Fair Value
|
|
Notional
Amount
|
|
Fair Value
|
||||||||||||||||
|
Asset
(1)
|
|
Liability
(2)
|
|
Asset
(1)
|
|
Liability
(2)
|
||||||||||||||||
Derivatives not designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity futures
|
$
|
120.0
|
|
|
$
|
20.3
|
|
|
$
|
0.2
|
|
|
$
|
142.5
|
|
|
$
|
9.2
|
|
|
$
|
1.8
|
|
Foreign currency exchange
|
120.6
|
|
|
1.5
|
|
|
1.2
|
|
|
30.7
|
|
|
0.1
|
|
|
1.1
|
|
||||||
|
|
|
$
|
21.8
|
|
|
$
|
1.4
|
|
|
|
|
$
|
9.3
|
|
|
$
|
2.9
|
|
(1)
|
Balance recorded in “Prepaid expenses and other” and “Other non-current assets”
|
(2)
|
Balance recorded in “Accrued liabilities” and “Other liabilities”
|
11.
|
Income Taxes
|
•
|
Recognizing no tax benefit on
$25.4 million
of operational losses in jurisdictions where valuation allowances are recorded against net deferred tax assets,
|
•
|
Recognizing no tax benefit on
$64.8 million
of losses (including the reclassification of foreign currency translation adjustments) resulting from the sale of businesses,
|
•
|
Recognizing no tax benefit on
$3.1 million
of net foreign exchange related losses associated with the liquidation of our Australian and New Zealand businesses,
|
•
|
Recording a
$5.7 million
valuation allowance against net deferred tax assets in New Zealand due to the expected liquidation of the legal entities in New Zealand, and
|
•
|
Recording
$9.8 million
of income tax expense associated with changes in judgment concerning uncertain tax positions related to the FCPA settlement.
|
•
|
Recognizing no tax benefit on
$7.0 million
of operational losses in jurisdictions where valuation allowances are recorded against net deferred tax assets, and
|
•
|
Recognizing no tax benefit on
$26.8 million
of losses resulting from the sale of businesses.
|
12.
|
Employee Benefit Plans
|
|
Three Fiscal Months Ended
|
||||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||||
|
U.S.
Plans |
|
Non-U.S.
Plans |
|
U.S.
Plans |
|
Non-U.S.
Plans |
||||||||
Service cost
|
$
|
0.2
|
|
|
$
|
0.9
|
|
|
$
|
0.3
|
|
|
$
|
1.0
|
|
Interest cost
|
1.1
|
|
|
0.7
|
|
|
1.8
|
|
|
0.8
|
|
||||
Expected return on plan assets
|
(2.0
|
)
|
|
(0.7
|
)
|
|
(2.4
|
)
|
|
(0.6
|
)
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
Amortization of net loss
|
0.6
|
|
|
0.4
|
|
|
1.7
|
|
|
0.3
|
|
||||
Net pension expense
|
$
|
(0.1
|
)
|
|
$
|
1.3
|
|
|
$
|
1.4
|
|
|
$
|
1.7
|
|
|
Nine Fiscal Months Ended
|
||||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||||
|
U.S.
Plans |
|
Non-U.S.
Plans |
|
U.S.
Plans |
|
Non-U.S.
Plans |
||||||||
Service cost
|
$
|
0.6
|
|
|
$
|
2.7
|
|
|
$
|
0.9
|
|
|
$
|
3.0
|
|
Interest cost
|
3.3
|
|
|
2.1
|
|
|
5.4
|
|
|
2.4
|
|
||||
Expected return on plan assets
|
(6.0
|
)
|
|
(2.1
|
)
|
|
(7.2
|
)
|
|
(1.8
|
)
|
||||
Amortization of prior service cost
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.6
|
|
||||
Amortization of net loss
|
1.8
|
|
|
1.2
|
|
|
5.1
|
|
|
0.9
|
|
||||
Net pension expense
|
$
|
(0.3
|
)
|
|
$
|
4.1
|
|
|
$
|
4.2
|
|
|
$
|
5.1
|
|
13.
|
Accumulated Other Comprehensive Income (Loss)
|
|
September 29, 2017
|
|
December 31, 2016
|
||||||||||||
|
Company
Common
Shareholders
|
|
Noncontrolling
Interest
|
|
Company
Common
Shareholders
|
|
Noncontrolling
Interest
|
||||||||
Foreign currency translation adjustment
|
$
|
(169.5
|
)
|
|
$
|
(3.0
|
)
|
|
$
|
(228.2
|
)
|
|
$
|
(13.0
|
)
|
Pension adjustments, net of tax
|
(56.2
|
)
|
|
—
|
|
|
(58.2
|
)
|
|
(1.3
|
)
|
||||
Accumulated other comprehensive income (loss)
|
$
|
(225.7
|
)
|
|
$
|
(3.0
|
)
|
|
$
|
(286.4
|
)
|
|
$
|
(14.3
|
)
|
|
Foreign currency translation
|
|
Change of fair value of pension benefit obligation
|
|
Total
|
||||||
Balance, December 31, 2016
|
$
|
(228.2
|
)
|
|
$
|
(58.2
|
)
|
|
$
|
(286.4
|
)
|
Other comprehensive income (loss) before reclassifications
|
21.8
|
|
|
—
|
|
|
21.8
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
36.9
|
|
|
2.0
|
|
|
38.9
|
|
|||
Net current - period other comprehensive income (loss)
|
58.7
|
|
|
2.0
|
|
|
60.7
|
|
|||
Balance, September 29, 2017
|
$
|
(169.5
|
)
|
|
$
|
(56.2
|
)
|
|
$
|
(225.7
|
)
|
|
Foreign currency translation
|
|
Change of fair value of pension benefit obligation
|
|
Total
|
||||||
Balance, December 31, 2015
|
$
|
(275.6
|
)
|
|
$
|
(64.6
|
)
|
|
$
|
(340.2
|
)
|
Other comprehensive income (loss) before reclassifications
|
12.3
|
|
|
—
|
|
|
12.3
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
31.8
|
|
|
3.9
|
|
|
35.7
|
|
|||
Net current - period other comprehensive income (loss)
|
44.1
|
|
|
3.9
|
|
|
48.0
|
|
|||
Balance, September 30, 2016
|
$
|
(231.5
|
)
|
|
$
|
(60.7
|
)
|
|
$
|
(292.2
|
)
|
|
|
Three Fiscal Months Ended
|
Nine Fiscal Months Ended
|
|
||||
|
|
September 29, 2017
|
September 29, 2017
|
|
||||
|
|
Amount reclassified from accumulated other comprehensive income (loss)
|
Amount reclassified from accumulated other comprehensive income (loss)
|
Affected line item in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
|
||||
Foreign currency translation
|
|
|
|
|
||||
Closure of subsidiaries
|
|
$
|
—
|
|
$
|
4.2
|
|
SG&A
|
Sale of subsidiaries
|
|
2.4
|
|
32.7
|
|
SG&A
|
||
Total - foreign currency items
|
|
$
|
2.4
|
|
$
|
36.9
|
|
|
Defined pension items, net of tax:
|
|
|
|
|
||||
Amortization of prior service cost
|
|
$
|
0.1
|
|
$
|
0.3
|
|
Cost of Sales
|
Amortization of net loss
|
|
0.7
|
|
2.1
|
|
Cost of Sales
|
||
Sale of subsidiaries
|
|
0.3
|
|
(0.4
|
)
|
SG&A
|
||
Total - pension items
|
|
$
|
1.1
|
|
$
|
2.0
|
|
|
Total
|
|
$
|
3.5
|
|
$
|
38.9
|
|
|
|
|
Three Fiscal Months Ended
|
Nine Fiscal Months Ended
|
|
||||
|
|
September 30, 2016
|
September 30, 2016
|
|
||||
|
|
Amount reclassified from accumulated other comprehensive income (loss)
|
Amount reclassified from accumulated other comprehensive income (loss)
|
Affected line item in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
|
||||
Foreign currency translation
|
|
|
|
|
||||
Sale of subsidiaries
|
|
$
|
13.5
|
|
$
|
31.8
|
|
SG&A
|
Defined pension items, net of tax:
|
|
|
|
|
||||
Amortization of prior service cost
|
|
$
|
0.1
|
|
$
|
0.3
|
|
Cost of Sales
|
Amortization of net loss
|
|
1.2
|
|
3.6
|
|
Cost of Sales
|
||
Total - pension items
|
|
$
|
1.3
|
|
$
|
3.9
|
|
|
Total
|
|
$
|
14.8
|
|
$
|
35.7
|
|
|
15.
|
Earnings (Loss) Per Common Share
|
|
Three Fiscal Months Ended
|
|
Nine Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
|
September 29, 2017
|
|
September 30, 2016
|
||||||||
Amounts attributable to the Company – basic and diluted:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Company common shareholders
|
$
|
(14.2
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(72.6
|
)
|
|
$
|
10.8
|
|
Net income (loss) for EPS computations
(1)
|
$
|
(14.2
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(72.6
|
)
|
|
$
|
10.8
|
|
Weighted average shares outstanding for basic EPS computation
(2)
|
50.0
|
|
|
49.6
|
|
|
49.9
|
|
|
49.5
|
|
||||
Earnings (loss) per common share attributable to Company common shareholders – basic
(3)
|
$
|
(0.28
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(1.45
|
)
|
|
$
|
0.22
|
|
Weighted average shares outstanding including nonvested shares
|
50.0
|
|
|
49.6
|
|
|
49.9
|
|
|
49.5
|
|
||||
Dilutive effect of stock options and restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
||||
Weighted average shares outstanding for diluted EPS computation
(2)
|
50.0
|
|
|
49.6
|
|
|
49.9
|
|
|
51.7
|
|
||||
Earnings (loss) per common share attributable to Company common shareholders – assuming dilution
|
$
|
(0.28
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(1.45
|
)
|
|
$
|
0.21
|
|
(1)
|
Numerator
|
(2)
|
Denominator
|
(3)
|
Under the two-class method, earnings (loss) per share – basic reflects undistributed earnings per share for both common stock and unvested share-based payment awards (restricted stock).
|
Share Price
|
Shares Underlying Subordinated Convertible Notes
|
|
Total Treasury Method Incremental Shares
(1)
|
||
$36.75
|
—
|
|
|
—
|
|
$38.75
|
603,152
|
|
|
603,152
|
|
$40.75
|
1,147,099
|
|
|
1,147,099
|
|
$42.75
|
1,640,151
|
|
|
1,640,151
|
|
$44.75
|
2,089,131
|
|
|
2,089,131
|
|
(1)
|
Represents the number of incremental shares that must be included in the calculation of fully diluted shares under GAAP.
|
16.
|
Segment Information
|
|
Three Fiscal Months Ended
|
|
Nine Fiscal Months Ended
|
||||||||||||
(in millions)
|
September 29, 2017
|
|
September 30, 2016
|
|
September 29, 2017
|
|
September 30, 2016
|
||||||||
Net Sales:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
578.2
|
|
|
$
|
496.1
|
|
|
$
|
1,681.4
|
|
|
$
|
1,565.2
|
|
Europe
|
223.8
|
|
|
212.1
|
|
|
619.1
|
|
|
663.5
|
|
||||
Latin America
|
185.6
|
|
|
158.0
|
|
|
491.5
|
|
|
481.2
|
|
||||
Africa/Asia Pacific
|
6.4
|
|
|
58.3
|
|
|
63.3
|
|
|
238.5
|
|
||||
Total
|
$
|
994.0
|
|
|
$
|
924.5
|
|
|
$
|
2,855.3
|
|
|
$
|
2,948.4
|
|
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
19.0
|
|
|
$
|
10.0
|
|
|
$
|
64.7
|
|
|
$
|
101.5
|
|
Europe
|
0.1
|
|
|
10.8
|
|
|
(6.0
|
)
|
|
17.0
|
|
||||
Latin America
|
6.0
|
|
|
(7.1
|
)
|
|
12.9
|
|
|
(10.4
|
)
|
||||
Africa/Asia Pacific
|
(24.3
|
)
|
|
(9.0
|
)
|
|
(69.8
|
)
|
|
(29.6
|
)
|
||||
Total
|
$
|
0.8
|
|
|
$
|
4.7
|
|
|
$
|
1.8
|
|
|
$
|
78.5
|
|
(in millions)
|
September 29, 2017
|
|
December 31, 2016
|
||||
Total Assets:
|
|
|
|
||||
North America
|
$
|
1,037.6
|
|
|
$
|
950.2
|
|
Europe
|
722.9
|
|
|
624.1
|
|
||
Latin America
|
487.2
|
|
|
466.4
|
|
||
Africa/Asia Pacific
|
36.8
|
|
|
200.9
|
|
||
Total
|
$
|
2,284.5
|
|
|
$
|
2,241.6
|
|
17.
|
Commitments and Contingencies
|
18.
|
Unconsolidated Affiliated Companies
|
|
Fair Value Measurement
|
||||||||||||||||||||||||||||||
|
September 29, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivative assets
|
$
|
—
|
|
|
$
|
21.8
|
|
|
$
|
—
|
|
|
$
|
21.8
|
|
|
$
|
—
|
|
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
9.3
|
|
Equity securities
(1)
|
8.7
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|
9.8
|
|
|
—
|
|
|
—
|
|
|
9.8
|
|
||||||||
Total assets
|
$
|
8.7
|
|
|
$
|
21.8
|
|
|
$
|
—
|
|
|
$
|
30.5
|
|
|
$
|
9.8
|
|
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
19.1
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivative liabilities
|
$
|
—
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
20.
|
Supplemental Guarantor Condensed Financial Information
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Customers
|
$
|
—
|
|
|
$
|
490.9
|
|
|
$
|
503.1
|
|
|
$
|
—
|
|
|
$
|
994.0
|
|
Intercompany
|
18.2
|
|
|
46.3
|
|
|
43.1
|
|
|
(107.6
|
)
|
|
—
|
|
|||||
|
18.2
|
|
|
537.2
|
|
|
546.2
|
|
|
(107.6
|
)
|
|
994.0
|
|
|||||
Cost of sales
|
—
|
|
|
477.0
|
|
|
497.2
|
|
|
(89.4
|
)
|
|
884.8
|
|
|||||
Gross profit
|
18.2
|
|
|
60.2
|
|
|
49.0
|
|
|
(18.2
|
)
|
|
109.2
|
|
|||||
Selling, general and administrative expenses
|
15.9
|
|
|
41.0
|
|
|
69.7
|
|
|
(18.2
|
)
|
|
108.4
|
|
|||||
Operating income (loss)
|
2.3
|
|
|
19.2
|
|
|
(20.7
|
)
|
|
—
|
|
|
0.8
|
|
|||||
Other income (expense)
|
—
|
|
|
1.8
|
|
|
8.9
|
|
|
—
|
|
|
10.7
|
|
|||||
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(14.3
|
)
|
|
(14.7
|
)
|
|
(4.0
|
)
|
|
13.8
|
|
|
(19.2
|
)
|
|||||
Interest income
|
12.5
|
|
|
1.3
|
|
|
0.3
|
|
|
(13.8
|
)
|
|
0.3
|
|
|||||
|
(1.8
|
)
|
|
(13.4
|
)
|
|
(3.7
|
)
|
|
—
|
|
|
(18.9
|
)
|
|||||
Income (loss) before income taxes
|
0.5
|
|
|
7.6
|
|
|
(15.5
|
)
|
|
—
|
|
|
(7.4
|
)
|
|||||
Income tax (provision) benefit
|
(0.9
|
)
|
|
(0.7
|
)
|
|
(5.2
|
)
|
|
—
|
|
|
(6.8
|
)
|
|||||
Equity in net earnings of affiliated companies and subsidiaries
|
(13.8
|
)
|
|
(20.7
|
)
|
|
—
|
|
|
34.5
|
|
|
—
|
|
|||||
Net income (loss) including noncontrolling interest
|
(14.2
|
)
|
|
(13.8
|
)
|
|
(20.7
|
)
|
|
34.5
|
|
|
(14.2
|
)
|
|||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) attributable to Company common shareholders
|
$
|
(14.2
|
)
|
|
$
|
(13.8
|
)
|
|
$
|
(20.7
|
)
|
|
$
|
34.5
|
|
|
$
|
(14.2
|
)
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
(14.2
|
)
|
|
$
|
(13.8
|
)
|
|
$
|
(20.7
|
)
|
|
$
|
34.5
|
|
|
$
|
(14.2
|
)
|
Currency translation gain (loss)
|
18.7
|
|
|
18.7
|
|
|
15.7
|
|
|
(34.8
|
)
|
|
18.3
|
|
|||||
Defined benefit plan adjustments, net of tax
|
0.7
|
|
|
0.7
|
|
|
0.3
|
|
|
(0.6
|
)
|
|
1.1
|
|
|||||
Comprehensive income (loss), net of tax
|
5.2
|
|
|
5.6
|
|
|
(4.7
|
)
|
|
(0.9
|
)
|
|
5.2
|
|
|||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax
|
$
|
5.2
|
|
|
$
|
5.6
|
|
|
$
|
(4.7
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
5.2
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Customers
|
$
|
—
|
|
|
$
|
422.1
|
|
|
$
|
502.4
|
|
|
$
|
—
|
|
|
$
|
924.5
|
|
Intercompany
|
16.5
|
|
|
44.6
|
|
|
36.0
|
|
|
(97.1
|
)
|
|
—
|
|
|||||
|
16.5
|
|
|
466.7
|
|
|
538.4
|
|
|
(97.1
|
)
|
|
924.5
|
|
|||||
Cost of sales
|
—
|
|
|
405.9
|
|
|
496.3
|
|
|
(80.6
|
)
|
|
821.6
|
|
|||||
Gross profit
|
16.5
|
|
|
60.8
|
|
|
42.1
|
|
|
(16.5
|
)
|
|
102.9
|
|
|||||
Selling, general and administrative expenses
|
13.7
|
|
|
45.5
|
|
|
43.4
|
|
|
(16.5
|
)
|
|
86.1
|
|
|||||
Goodwill impairment charges
|
—
|
|
|
7.4
|
|
|
—
|
|
|
—
|
|
|
7.4
|
|
|||||
Intangible asset impairment charges
|
—
|
|
|
4.7
|
|
|
—
|
|
|
—
|
|
|
4.7
|
|
|||||
Operating income (loss)
|
2.8
|
|
|
3.2
|
|
|
(1.3
|
)
|
|
—
|
|
|
4.7
|
|
|||||
Other income (expense)
|
—
|
|
|
0.2
|
|
|
(2.3
|
)
|
|
—
|
|
|
(2.1
|
)
|
|||||
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(14.4
|
)
|
|
(15.9
|
)
|
|
(7.7
|
)
|
|
15.5
|
|
|
(22.5
|
)
|
|||||
Interest income
|
14.1
|
|
|
1.2
|
|
|
0.4
|
|
|
(15.5
|
)
|
|
0.2
|
|
|||||
|
(0.3
|
)
|
|
(14.7
|
)
|
|
(7.3
|
)
|
|
—
|
|
|
(22.3
|
)
|
|||||
Income (loss) before income taxes
|
2.5
|
|
|
(11.3
|
)
|
|
(10.9
|
)
|
|
—
|
|
|
(19.7
|
)
|
|||||
Income tax (provision) benefit
|
(1.1
|
)
|
|
11.4
|
|
|
(4.6
|
)
|
|
—
|
|
|
5.7
|
|
|||||
Equity in net earnings of affiliated companies and subsidiaries
|
(15.7
|
)
|
|
(15.8
|
)
|
|
0.1
|
|
|
31.7
|
|
|
0.3
|
|
|||||
Net income (loss) including noncontrolling interest
|
(14.3
|
)
|
|
(15.7
|
)
|
|
(15.4
|
)
|
|
31.7
|
|
|
(13.7
|
)
|
|||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||
Net income (loss) attributable to Company common shareholders
|
$
|
(14.3
|
)
|
|
$
|
(15.7
|
)
|
|
$
|
(16.0
|
)
|
|
$
|
31.7
|
|
|
$
|
(14.3
|
)
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
(14.3
|
)
|
|
$
|
(15.7
|
)
|
|
$
|
(15.4
|
)
|
|
$
|
31.7
|
|
|
$
|
(13.7
|
)
|
Currency translation gain (loss)
|
12.8
|
|
|
12.8
|
|
|
15.2
|
|
|
(27.4
|
)
|
|
13.4
|
|
|||||
Defined benefit plan adjustments, net of tax
|
1.3
|
|
|
1.3
|
|
|
0.3
|
|
|
(1.6
|
)
|
|
1.3
|
|
|||||
Comprehensive income (loss), net of tax
|
(0.2
|
)
|
|
(1.6
|
)
|
|
0.1
|
|
|
2.7
|
|
|
1.0
|
|
|||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax
|
$
|
(0.2
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
2.7
|
|
|
$
|
(0.2
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Customers
|
$
|
—
|
|
|
$
|
1,446.9
|
|
|
$
|
1,408.4
|
|
|
$
|
—
|
|
|
$
|
2,855.3
|
|
Intercompany
|
53.0
|
|
|
135.7
|
|
|
134.5
|
|
|
(323.2
|
)
|
|
—
|
|
|||||
|
53.0
|
|
|
1,582.6
|
|
|
1,542.9
|
|
|
(323.2
|
)
|
|
2,855.3
|
|
|||||
Cost of sales
|
—
|
|
|
1,392.7
|
|
|
1,404.1
|
|
|
(270.2
|
)
|
|
2,526.6
|
|
|||||
Gross profit
|
53.0
|
|
|
189.9
|
|
|
138.8
|
|
|
(53.0
|
)
|
|
328.7
|
|
|||||
Selling, general and administrative expenses
|
41.7
|
|
|
147.6
|
|
|
190.6
|
|
|
(53.0
|
)
|
|
326.9
|
|
|||||
Operating income (loss)
|
11.3
|
|
|
42.3
|
|
|
(51.8
|
)
|
|
—
|
|
|
1.8
|
|
|||||
Other income (expense)
|
—
|
|
|
3.4
|
|
|
14.5
|
|
|
—
|
|
|
17.9
|
|
|||||
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(43.1
|
)
|
|
(44.7
|
)
|
|
(13.8
|
)
|
|
42.3
|
|
|
(59.3
|
)
|
|||||
Interest income
|
38.4
|
|
|
3.9
|
|
|
1.4
|
|
|
(42.3
|
)
|
|
1.4
|
|
|||||
|
(4.7
|
)
|
|
(40.8
|
)
|
|
(12.4
|
)
|
|
—
|
|
|
(57.9
|
)
|
|||||
Income (loss) before income taxes
|
6.6
|
|
|
4.9
|
|
|
(49.7
|
)
|
|
—
|
|
|
(38.2
|
)
|
|||||
Income tax (provision) benefit
|
(13.1
|
)
|
|
0.8
|
|
|
(20.0
|
)
|
|
—
|
|
|
(32.3
|
)
|
|||||
Equity in net earnings of affiliated companies and subsidiaries
|
(66.1
|
)
|
|
(71.8
|
)
|
|
—
|
|
|
137.9
|
|
|
—
|
|
|||||
Net income (loss) including noncontrolling interest
|
(72.6
|
)
|
|
(66.1
|
)
|
|
(69.7
|
)
|
|
137.9
|
|
|
(70.5
|
)
|
|||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|||||
Net income (loss) attributable to Company common shareholders
|
$
|
(72.6
|
)
|
|
$
|
(66.1
|
)
|
|
$
|
(71.8
|
)
|
|
$
|
137.9
|
|
|
$
|
(72.6
|
)
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
(72.6
|
)
|
|
$
|
(66.1
|
)
|
|
$
|
(69.7
|
)
|
|
$
|
137.9
|
|
|
$
|
(70.5
|
)
|
Currency translation gain (loss)
|
58.5
|
|
|
58.5
|
|
|
52.9
|
|
|
(101.2
|
)
|
|
68.7
|
|
|||||
Defined benefit plan adjustments, net of tax
|
2.2
|
|
|
2.2
|
|
|
1.0
|
|
|
(2.1
|
)
|
|
3.3
|
|
|||||
Comprehensive income (loss), net of tax
|
(11.9
|
)
|
|
(5.4
|
)
|
|
(15.8
|
)
|
|
34.6
|
|
|
1.5
|
|
|||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
13.4
|
|
|
—
|
|
|
13.4
|
|
|||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax
|
$
|
(11.9
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
(29.2
|
)
|
|
$
|
34.6
|
|
|
$
|
(11.9
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Customers
|
$
|
—
|
|
|
$
|
1,322.5
|
|
|
$
|
1,625.9
|
|
|
$
|
—
|
|
|
$
|
2,948.4
|
|
Intercompany
|
50.2
|
|
|
162.8
|
|
|
115.5
|
|
|
(328.5
|
)
|
|
—
|
|
|||||
|
50.2
|
|
|
1,485.3
|
|
|
1,741.4
|
|
|
(328.5
|
)
|
|
2,948.4
|
|
|||||
Cost of sales
|
—
|
|
|
1,302.3
|
|
|
1,591.4
|
|
|
(278.3
|
)
|
|
2,615.4
|
|
|||||
Gross profit
|
50.2
|
|
|
183.0
|
|
|
150.0
|
|
|
(50.2
|
)
|
|
333.0
|
|
|||||
Selling, general and administrative expenses
|
45.3
|
|
|
86.8
|
|
|
156.1
|
|
|
(50.2
|
)
|
|
238.0
|
|
|||||
Goodwill impairment charges
|
—
|
|
|
7.4
|
|
|
1.6
|
|
|
—
|
|
|
9.0
|
|
|||||
Intangible asset impairment charges
|
—
|
|
|
5.0
|
|
|
2.5
|
|
|
—
|
|
|
7.5
|
|
|||||
Operating income (loss)
|
4.9
|
|
|
83.8
|
|
|
(10.2
|
)
|
|
—
|
|
|
78.5
|
|
|||||
Other income (expense)
|
—
|
|
|
(0.1
|
)
|
|
4.8
|
|
|
—
|
|
|
4.7
|
|
|||||
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(43.1
|
)
|
|
(48.0
|
)
|
|
(21.5
|
)
|
|
45.4
|
|
|
(67.2
|
)
|
|||||
Interest income
|
41.6
|
|
|
3.8
|
|
|
1.2
|
|
|
(45.4
|
)
|
|
1.2
|
|
|||||
|
(1.5
|
)
|
|
(44.2
|
)
|
|
(20.3
|
)
|
|
—
|
|
|
(66.0
|
)
|
|||||
Income (loss) before income taxes
|
3.4
|
|
|
39.5
|
|
|
(25.7
|
)
|
|
—
|
|
|
17.2
|
|
|||||
Income tax (provision) benefit
|
(2.1
|
)
|
|
7.6
|
|
|
(13.2
|
)
|
|
—
|
|
|
(7.7
|
)
|
|||||
Equity in net earnings of affiliated companies and subsidiaries
|
9.5
|
|
|
(37.6
|
)
|
|
0.2
|
|
|
28.6
|
|
|
0.7
|
|
|||||
Net income (loss) including noncontrolling interest
|
10.8
|
|
|
9.5
|
|
|
(38.7
|
)
|
|
28.6
|
|
|
10.2
|
|
|||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
Net income (loss) attributable to Company common shareholders
|
$
|
10.8
|
|
|
$
|
9.5
|
|
|
$
|
(38.1
|
)
|
|
$
|
28.6
|
|
|
$
|
10.8
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
10.8
|
|
|
$
|
9.5
|
|
|
$
|
(38.7
|
)
|
|
$
|
28.6
|
|
|
$
|
10.2
|
|
Currency translation gain (loss)
|
44.1
|
|
|
44.1
|
|
|
42.1
|
|
|
(85.7
|
)
|
|
44.6
|
|
|||||
Defined benefit plan adjustments, net of tax
|
3.9
|
|
|
3.9
|
|
|
0.9
|
|
|
(4.8
|
)
|
|
3.9
|
|
|||||
Comprehensive income (loss), net of tax
|
58.8
|
|
|
57.5
|
|
|
4.3
|
|
|
(61.9
|
)
|
|
58.7
|
|
|||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax
|
$
|
58.8
|
|
|
$
|
57.5
|
|
|
$
|
4.4
|
|
|
$
|
(61.9
|
)
|
|
$
|
58.8
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
70.6
|
|
|
$
|
—
|
|
|
$
|
72.2
|
|
Receivables, net of allowances
|
—
|
|
|
262.7
|
|
|
504.2
|
|
|
—
|
|
|
766.9
|
|
|||||
Inventories
|
—
|
|
|
378.1
|
|
|
355.1
|
|
|
—
|
|
|
733.2
|
|
|||||
Prepaid expenses and other
|
—
|
|
|
27.8
|
|
|
49.6
|
|
|
—
|
|
|
77.4
|
|
|||||
Total current assets
|
—
|
|
|
670.2
|
|
|
979.5
|
|
|
—
|
|
|
1,649.7
|
|
|||||
Property, plant and equipment, net
|
0.3
|
|
|
210.7
|
|
|
319.4
|
|
|
—
|
|
|
530.4
|
|
|||||
Deferred income taxes
|
—
|
|
|
42.4
|
|
|
9.3
|
|
|
(42.4
|
)
|
|
9.3
|
|
|||||
Intercompany accounts
|
1,025.3
|
|
|
116.9
|
|
|
64.0
|
|
|
(1,206.2
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
67.9
|
|
|
581.9
|
|
|
—
|
|
|
(649.8
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
5.6
|
|
|
5.5
|
|
|
—
|
|
|
11.1
|
|
|||||
Intangible assets, net
|
—
|
|
|
6.0
|
|
|
18.4
|
|
|
—
|
|
|
24.4
|
|
|||||
Unconsolidated affiliated companies
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||
Other non-current assets
|
—
|
|
|
17.3
|
|
|
42.1
|
|
|
—
|
|
|
59.4
|
|
|||||
Total assets
|
$
|
1,093.5
|
|
|
$
|
1,651.0
|
|
|
$
|
1,438.4
|
|
|
$
|
(1,898.4
|
)
|
|
$
|
2,284.5
|
|
Liabilities and Total Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
145.5
|
|
|
$
|
302.9
|
|
|
$
|
—
|
|
|
$
|
448.4
|
|
Accrued liabilities
|
38.0
|
|
|
81.2
|
|
|
208.9
|
|
|
—
|
|
|
328.1
|
|
|||||
Current portion of long-term debt
|
—
|
|
|
—
|
|
|
54.8
|
|
|
—
|
|
|
54.8
|
|
|||||
Total current liabilities
|
38.0
|
|
|
226.7
|
|
|
566.6
|
|
|
—
|
|
|
831.3
|
|
|||||
Long-term debt
|
775.2
|
|
|
210.3
|
|
|
50.7
|
|
|
—
|
|
|
1,036.2
|
|
|||||
Deferred income taxes
|
159.5
|
|
|
—
|
|
|
8.8
|
|
|
(42.4
|
)
|
|
125.9
|
|
|||||
Intercompany accounts
|
—
|
|
|
1,088.4
|
|
|
117.8
|
|
|
(1,206.2
|
)
|
|
—
|
|
|||||
Other liabilities
|
0.6
|
|
|
57.7
|
|
|
109.8
|
|
|
—
|
|
|
168.1
|
|
|||||
Total liabilities
|
973.3
|
|
|
1,583.1
|
|
|
853.7
|
|
|
(1,248.6
|
)
|
|
2,161.5
|
|
|||||
Total Company shareholders’ equity
|
120.2
|
|
|
67.9
|
|
|
581.9
|
|
|
(649.8
|
)
|
|
120.2
|
|
|||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|||||
Total liabilities and equity
|
$
|
1,093.5
|
|
|
$
|
1,651.0
|
|
|
$
|
1,438.4
|
|
|
$
|
(1,898.4
|
)
|
|
$
|
2,284.5
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
100.1
|
|
|
$
|
—
|
|
|
$
|
101.1
|
|
Receivables, net of allowances
|
—
|
|
|
202.9
|
|
|
461.6
|
|
|
—
|
|
|
664.5
|
|
|||||
Inventories
|
—
|
|
|
363.4
|
|
|
404.8
|
|
|
—
|
|
|
768.2
|
|
|||||
Prepaid expenses and other
|
—
|
|
|
26.2
|
|
|
39.2
|
|
|
—
|
|
|
65.4
|
|
|||||
Total current assets
|
—
|
|
|
593.5
|
|
|
1,005.7
|
|
|
—
|
|
|
1,599.2
|
|
|||||
Property, plant and equipment, net
|
0.3
|
|
|
202.8
|
|
|
326.2
|
|
|
—
|
|
|
529.3
|
|
|||||
Deferred income taxes
|
—
|
|
|
42.9
|
|
|
20.4
|
|
|
(42.9
|
)
|
|
20.4
|
|
|||||
Intercompany accounts
|
1,092.4
|
|
|
104.7
|
|
|
69.4
|
|
|
(1,266.5
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
73.2
|
|
|
612.7
|
|
|
—
|
|
|
(685.9
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
5.6
|
|
|
6.4
|
|
|
—
|
|
|
12.0
|
|
|||||
Intangible assets, net
|
—
|
|
|
6.0
|
|
|
22.3
|
|
|
—
|
|
|
28.3
|
|
|||||
Unconsolidated affiliated companies
|
—
|
|
|
8.8
|
|
|
0.2
|
|
|
—
|
|
|
9.0
|
|
|||||
Other non-current assets
|
—
|
|
|
15.5
|
|
|
27.9
|
|
|
—
|
|
|
43.4
|
|
|||||
Total assets
|
$
|
1,165.9
|
|
|
$
|
1,592.5
|
|
|
$
|
1,478.5
|
|
|
$
|
(1,995.3
|
)
|
|
$
|
2,241.6
|
|
Liabilities and Total Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
112.4
|
|
|
$
|
301.6
|
|
|
$
|
—
|
|
|
$
|
414.0
|
|
Accrued liabilities
|
93.4
|
|
|
105.0
|
|
|
221.2
|
|
|
—
|
|
|
419.6
|
|
|||||
Current portion of long-term debt
|
—
|
|
|
—
|
|
|
67.5
|
|
|
—
|
|
|
67.5
|
|
|||||
Total current liabilities
|
93.4
|
|
|
217.4
|
|
|
590.3
|
|
|
—
|
|
|
901.1
|
|
|||||
Long-term debt
|
772.3
|
|
|
75.9
|
|
|
22.9
|
|
|
—
|
|
|
871.1
|
|
|||||
Deferred income taxes
|
147.1
|
|
|
—
|
|
|
22.5
|
|
|
(42.9
|
)
|
|
126.7
|
|
|||||
Intercompany accounts
|
—
|
|
|
1,161.1
|
|
|
105.4
|
|
|
(1,266.5
|
)
|
|
—
|
|
|||||
Other liabilities
|
—
|
|
|
64.9
|
|
|
108.9
|
|
|
—
|
|
|
173.8
|
|
|||||
Total liabilities
|
1,012.8
|
|
|
1,519.3
|
|
|
850.0
|
|
|
(1,309.4
|
)
|
|
2,072.7
|
|
|||||
Total Company shareholders’ equity
|
153.1
|
|
|
73.2
|
|
|
612.7
|
|
|
(685.9
|
)
|
|
153.1
|
|
|||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
15.8
|
|
|
—
|
|
|
15.8
|
|
|||||
Total liabilities and equity
|
$
|
1,165.9
|
|
|
$
|
1,592.5
|
|
|
$
|
1,478.5
|
|
|
$
|
(1,995.3
|
)
|
|
$
|
2,241.6
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net cash flows of operating activities
|
$
|
(45.3
|
)
|
|
$
|
(26.5
|
)
|
|
$
|
5.6
|
|
|
$
|
—
|
|
|
$
|
(66.2
|
)
|
Cash flows of investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(42.0
|
)
|
|
(29.9
|
)
|
|
—
|
|
|
(71.9
|
)
|
|||||
Proceeds from properties sold
|
—
|
|
|
0.2
|
|
|
0.7
|
|
|
—
|
|
|
0.9
|
|
|||||
Disposal of subsidiaries, net of cash disposed of
|
—
|
|
|
5.3
|
|
|
(5.2
|
)
|
|
—
|
|
|
0.1
|
|
|||||
Intercompany accounts
|
—
|
|
|
35.5
|
|
|
—
|
|
|
(35.5
|
)
|
|
—
|
|
|||||
Investment in restricted cash
|
—
|
|
|
—
|
|
|
(10.0
|
)
|
|
—
|
|
|
(10.0
|
)
|
|||||
Other
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flows of investing activities
|
—
|
|
|
(0.9
|
)
|
|
(44.5
|
)
|
|
(35.5
|
)
|
|
(80.9
|
)
|
|||||
Cash flows of financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid to shareholders
|
(27.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27.5
|
)
|
|||||
Intercompany accounts
|
72.8
|
|
|
(111.6
|
)
|
|
3.3
|
|
|
35.5
|
|
|
—
|
|
|||||
Proceeds from debt
|
—
|
|
|
1,313.2
|
|
|
324.4
|
|
|
—
|
|
|
1,637.6
|
|
|||||
Repayments of debt
|
—
|
|
|
(1,178.8
|
)
|
|
(318.3
|
)
|
|
—
|
|
|
(1,497.1
|
)
|
|||||
Net cash flows of financing activities
|
45.3
|
|
|
22.8
|
|
|
9.4
|
|
|
35.5
|
|
|
113.0
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
5.2
|
|
|||||
Increase (decrease) in cash and cash equivalents
|
—
|
|
|
0.6
|
|
|
(29.5
|
)
|
|
—
|
|
|
(28.9
|
)
|
|||||
Cash and cash equivalents – beginning of period
|
—
|
|
|
1.0
|
|
|
100.1
|
|
|
—
|
|
|
101.1
|
|
|||||
Cash and cash equivalents – end of period
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
70.6
|
|
|
$
|
—
|
|
|
$
|
72.2
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net cash flows of operating activities
|
$
|
2.4
|
|
|
$
|
48.2
|
|
|
$
|
15.3
|
|
|
$
|
—
|
|
|
$
|
65.9
|
|
Cash flows of investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(28.2
|
)
|
|
(25.3
|
)
|
|
—
|
|
|
(53.5
|
)
|
|||||
Proceeds from properties sold
|
—
|
|
|
0.4
|
|
|
0.7
|
|
|
—
|
|
|
1.1
|
|
|||||
Disposal of subsidiaries, net of cash disposed of
|
—
|
|
|
76.8
|
|
|
3.2
|
|
|
—
|
|
|
80.0
|
|
|||||
Other
|
—
|
|
|
(0.8
|
)
|
|
1.0
|
|
|
—
|
|
|
0.2
|
|
|||||
Net cash flows of investing activities
|
—
|
|
|
48.2
|
|
|
(20.4
|
)
|
|
—
|
|
|
27.8
|
|
|||||
Cash flows of financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid to shareholders
|
(26.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26.7
|
)
|
|||||
Intercompany accounts
|
24.3
|
|
|
(36.9
|
)
|
|
12.6
|
|
|
—
|
|
|
—
|
|
|||||
Proceeds from debt
|
—
|
|
|
820.8
|
|
|
334.7
|
|
|
—
|
|
|
1,155.5
|
|
|||||
Repayments of debt
|
—
|
|
|
(882.4
|
)
|
|
(341.5
|
)
|
|
—
|
|
|
(1,223.9
|
)
|
|||||
Proceeds from sale leaseback transaction
|
—
|
|
|
—
|
|
|
6.2
|
|
|
—
|
|
|
6.2
|
|
|||||
Dividends paid to noncontrolling interest
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Net cash flows of financing activities
|
(2.4
|
)
|
|
(98.5
|
)
|
|
11.9
|
|
|
—
|
|
|
(89.0
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
3.8
|
|
|
(0.7
|
)
|
|
—
|
|
|
3.1
|
|
|||||
Increase (decrease) in cash and cash equivalents
|
—
|
|
|
1.7
|
|
|
6.1
|
|
|
—
|
|
|
7.8
|
|
|||||
Cash and cash equivalents - beginning of period
|
—
|
|
|
0.8
|
|
|
111.6
|
|
|
—
|
|
|
112.4
|
|
|||||
Cash and cash equivalents - end of period
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
117.7
|
|
|
$
|
—
|
|
|
$
|
120.2
|
|
(in millions)
|
September 29, 2017
|
|
December 31, 2016
|
||||
Beginning Balance
|
$
|
1,092.4
|
|
|
$
|
1,114.5
|
|
Non-cash transactions
|
|
|
|
||||
Deferred tax
|
—
|
|
|
(27.6
|
)
|
||
Equity based awards
|
5.3
|
|
|
5.2
|
|
||
Foreign currency and other
|
0.4
|
|
|
28.4
|
|
||
Cash transactions
|
(72.8
|
)
|
|
(28.1
|
)
|
||
Ending Balance
|
$
|
1,025.3
|
|
|
$
|
1,092.4
|
|
(in millions)
|
September 29, 2017
|
|
December 31, 2016
|
||||
5.75% Senior Notes due 2022
|
$
|
600.0
|
|
|
$
|
600.0
|
|
Subordinated Convertible Notes due 2029
|
429.5
|
|
|
429.5
|
|
||
Debt discount
|
(253.8
|
)
|
|
(255.6
|
)
|
||
Debt issuance costs
|
(9.5
|
)
|
|
(10.6
|
)
|
||
Other
|
9.0
|
|
|
9.0
|
|
||
Total Parent Company debt
|
775.2
|
|
|
772.3
|
|
||
Less current maturities
|
—
|
|
|
—
|
|
||
Parent Company Long-term debt
|
$
|
775.2
|
|
|
$
|
772.3
|
|
(in millions)
|
Q3 2018
|
|
Q3 2019
|
|
Q3 2020
|
|
Q3 2021
|
|
Q3 2022
|
||||||||||
Debt maturities twelve month period ending
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
•
|
Executing the implementation of the Company's strategy to deliver increased operating income margins and returns from the Company's core strategic operations in North America, Europe and Latin America by leveraging economies of scale and capitalizing on the Company's leading positions across key markets where the Company has built long-standing customer relationships, efficient supply chains and a wide range of product offerings;
|
•
|
Aligning organization structure to capitalize on the Company's leading market positions to benefit from key end markets, such as electric utility, industrial and communications;
|
•
|
Strengthening and expanding customer relationships by providing high quality product lines and customer service;
|
•
|
Continuing to increase cash flow through operational excellence by leveraging the Company's operating systems, logistical expertise, Lean Six Sigma manufacturing tools and techniques to improve the Company's cost position to increase margins and delivering improved returns through restructuring initiatives;
|
•
|
Managing the Company's product portfolio by pursuing market share in faster growing and value added product lines;
|
•
|
Enhancing organization capabilities by leveraging the Company's diversity and intellectual property through the sharing of best practices across the organization; and
|
•
|
Cultivating a high performance culture with focus on operational execution, compliance, sustainability, safety, and innovation.
|
Entity
|
|
Sale /
Closure
|
|
Sale / Closure Date
|
|
Gross Proceeds
|
|
Pre-tax Gain / (Loss)
|
||||
China
|
|
Sale
|
|
Third Quarter 2017
|
|
$
|
8.8
|
|
|
$
|
(19.9
|
)
|
Algeria
|
|
Sale
|
|
Second Quarter 2017
|
|
3.8
|
|
|
(38.0
|
)
|
||
Australia
|
|
Closure
|
|
Second Quarter 2017
|
|
—
|
|
|
(4.2
|
)
|
||
Pakistan
|
|
Sale
|
|
First Quarter 2017
|
|
5.3
|
|
|
(3.5
|
)
|
||
South Africa - Durban
|
|
Closure
|
|
Fourth Quarter 2016
|
|
—
|
|
|
1.6
|
|
||
South Africa - National Cables
|
|
Closure
|
|
Fourth Quarter 2016
|
|
—
|
|
|
(29.4
|
)
|
||
Zambia
|
|
Sale
|
|
Third Quarter 2016
|
|
9.8
|
|
|
(14.4
|
)
|
||
Egypt
|
|
Sale
|
|
Second Quarter 2016
|
|
5.8
|
|
|
(8.4
|
)
|
||
India
|
|
Sale
|
|
First Quarter 2016
|
|
10.8
|
|
|
1.6
|
|
||
Thailand
|
|
Sale
|
|
Third Quarter 2015
|
|
88.0
|
|
|
16.1
|
|
||
Fiji
|
|
Sale
|
|
First Quarter 2015
|
|
9.3
|
|
|
(2.6
|
)
|
||
Keystone
|
|
Sale
|
|
First Quarter 2015
|
|
11.0
|
|
|
3.6
|
|
||
The Philippines
|
|
Sale
|
|
Fourth Quarter 2014
|
|
67.1
|
|
|
17.6
|
|
|
North America
|
Europe
|
Latin America
|
Total
|
||||||||
Total expected restructuring costs
|
$
|
80.0
|
|
$
|
24.0
|
|
$
|
6.0
|
|
$
|
110.0
|
|
Total costs incurred in the year ended December 31, 2015
|
$
|
0.1
|
|
$
|
6.7
|
|
$
|
1.8
|
|
$
|
8.6
|
|
Total costs incurred in the year ended December 31, 2016
|
48.7
|
|
13.7
|
|
3.4
|
|
65.8
|
|
||||
Total costs incurred in the nine months ended September 29, 2017
|
29.2
|
|
1.8
|
|
0.3
|
|
31.3
|
|
||||
Total aggregate costs to date
|
$
|
78.0
|
|
$
|
22.2
|
|
$
|
5.5
|
|
$
|
105.7
|
|
Estimated remaining costs
|
$
|
2.0
|
|
$
|
1.8
|
|
$
|
0.5
|
|
$
|
4.3
|
|
•
|
Global demand and pricing are uneven as a result of macroeconomic factors, and therefore, continue to hamper growth in key end markets;
|
•
|
Currency volatility and continued political uncertainty in certain markets;
|
•
|
Volatility in the price of copper and aluminum;
|
•
|
Competitive price pressures in certain markets;
|
•
|
New commodity deposits are more difficult to find, harder and more expensive to extract, and lower in quantities;
|
•
|
End market demand in Latin America continues to be hampered by inconsistent construction spending and electrical infrastructure investment;
|
•
|
Recovery is slow in Europe and demand continues to be uneven for a broad spectrum of products in Europe;
|
•
|
The U.S. market has remained relatively stable compared to the uneven and challenging operating environments of the emerging economies;
|
•
|
New communications networks are an enabling technology, which require communication infrastructure investment;
|
•
|
Climate change concerns are resulting in increased regulatory energy mandates, emphasizing renewable sources of energy;
|
•
|
Project timing continues to be volatile resulting in a lag in demand in all segments; and
|
•
|
Countries are seeking greater energy independence for political and economic reasons.
|
|
Three Fiscal Months Ended
|
|
Nine Fiscal Months Ended
|
||||||||||||||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||||||||
Net sales
|
$
|
994.0
|
|
|
100.0
|
%
|
|
$
|
924.5
|
|
|
100.0
|
%
|
|
$
|
2,855.3
|
|
|
100.0
|
%
|
|
$
|
2,948.4
|
|
|
100.0
|
%
|
Cost of sales
|
884.8
|
|
|
89.0
|
%
|
|
821.6
|
|
|
88.9
|
%
|
|
2,526.6
|
|
|
88.5
|
%
|
|
2,615.4
|
|
|
88.7
|
%
|
||||
Gross profit
|
109.2
|
|
|
11.0
|
%
|
|
102.9
|
|
|
11.1
|
%
|
|
328.7
|
|
|
11.5
|
%
|
|
333.0
|
|
|
11.3
|
%
|
||||
Selling, general and administrative expenses
|
108.4
|
|
|
10.9
|
%
|
|
86.1
|
|
|
9.3
|
%
|
|
326.9
|
|
|
11.4
|
%
|
|
238.0
|
|
|
8.1
|
%
|
||||
Goodwill impairment charges
|
—
|
|
|
—
|
%
|
|
7.4
|
|
|
0.8
|
%
|
|
—
|
|
|
—
|
%
|
|
9.0
|
|
|
0.3
|
%
|
||||
Intangible asset impairment charges
|
—
|
|
|
—
|
%
|
|
4.7
|
|
|
0.5
|
%
|
|
—
|
|
|
—
|
%
|
|
7.5
|
|
|
0.3
|
%
|
||||
Operating income (loss)
|
0.8
|
|
|
0.1
|
%
|
|
4.7
|
|
|
0.5
|
%
|
|
1.8
|
|
|
0.1
|
%
|
|
78.5
|
|
|
2.7
|
%
|
||||
Other income (expense)
|
10.7
|
|
|
1.1
|
%
|
|
(2.1
|
)
|
|
(0.2
|
)%
|
|
17.9
|
|
|
0.6
|
%
|
|
4.7
|
|
|
0.2
|
%
|
||||
Interest expense, net
|
(18.9
|
)
|
|
(1.9
|
)%
|
|
(22.3
|
)
|
|
(2.4
|
)%
|
|
(57.9
|
)
|
|
(2.0
|
)%
|
|
(66.0
|
)
|
|
(2.2
|
)%
|
||||
Income (loss) before income taxes
|
(7.4
|
)
|
|
(0.7
|
)%
|
|
(19.7
|
)
|
|
(2.1
|
)%
|
|
(38.2
|
)
|
|
(1.3
|
)%
|
|
17.2
|
|
|
0.6
|
%
|
||||
Income tax (provision) benefit
|
(6.8
|
)
|
|
(0.7
|
)%
|
|
5.7
|
|
|
0.6
|
%
|
|
(32.3
|
)
|
|
(1.1
|
)%
|
|
(7.7
|
)
|
|
(0.3
|
)%
|
||||
Equity in net earnings of affiliated companies
|
—
|
|
|
—
|
%
|
|
0.3
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
0.7
|
|
|
—
|
%
|
||||
Net income (loss) including noncontrolling interest
|
(14.2
|
)
|
|
(1.4
|
)%
|
|
(13.7
|
)
|
|
(1.5
|
)%
|
|
(70.5
|
)
|
|
(2.5
|
)%
|
|
10.2
|
|
|
0.3
|
%
|
||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
%
|
|
0.6
|
|
|
0.1
|
%
|
|
2.1
|
|
|
0.1
|
%
|
|
(0.6
|
)
|
|
—
|
%
|
||||
Net income (loss) attributable to Company common shareholders
|
$
|
(14.2
|
)
|
|
(1.4
|
)%
|
|
$
|
(14.3
|
)
|
|
(1.5
|
)%
|
|
$
|
(72.6
|
)
|
|
(2.5
|
)%
|
|
$
|
10.8
|
|
|
0.4
|
%
|
|
Net Sales
Three Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
North America
|
$
|
578.2
|
|
|
58
|
%
|
|
$
|
496.1
|
|
|
54
|
%
|
Europe
|
223.8
|
|
|
22
|
%
|
|
212.1
|
|
|
23
|
%
|
||
Latin America
|
185.6
|
|
|
19
|
%
|
|
158.0
|
|
|
17
|
%
|
||
Africa/Asia Pacific
|
6.4
|
|
|
1
|
%
|
|
58.3
|
|
|
6
|
%
|
||
Total net sales
|
$
|
994.0
|
|
|
100
|
%
|
|
$
|
924.5
|
|
|
100
|
%
|
|
Metal-Adjusted Net Sales
Three Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
North America
|
$
|
578.2
|
|
|
58
|
%
|
|
$
|
552.3
|
|
|
53
|
%
|
Europe
|
223.8
|
|
|
22
|
%
|
|
229.2
|
|
|
22
|
%
|
||
Latin America
|
185.6
|
|
|
19
|
%
|
|
186.4
|
|
|
18
|
%
|
||
Africa/Asia Pacific
|
6.4
|
|
|
1
|
%
|
|
68.0
|
|
|
7
|
%
|
||
Total metal-adjusted net sales
|
$
|
994.0
|
|
|
100
|
%
|
|
$
|
1,035.9
|
|
|
100
|
%
|
Metal adjustment
|
—
|
|
|
|
|
(111.4
|
)
|
|
|
||||
Total net sales
|
$
|
994.0
|
|
|
|
|
$
|
924.5
|
|
|
|
|
Metal Pounds Sold
Three Fiscal Months Ended
|
||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||
|
Pounds
|
|
%
|
|
Pounds
|
|
%
|
||||
North America
|
152.5
|
|
|
60
|
%
|
|
136.2
|
|
|
55
|
%
|
Europe
|
37.7
|
|
|
15
|
%
|
|
37.3
|
|
|
15
|
%
|
Latin America
|
64.3
|
|
|
25
|
%
|
|
57.8
|
|
|
23
|
%
|
Africa/Asia Pacific
|
0.8
|
|
|
—
|
%
|
|
16.7
|
|
|
7
|
%
|
Total metal pounds sold
|
255.3
|
|
|
100
|
%
|
|
248.0
|
|
|
100
|
%
|
•
|
Higher copper and aluminum prices of
$111.4 million
|
•
|
Increased volume and favorable foreign currency exchange rate changes of
$44.6 million
and
$13.9 million
, respectively
|
•
|
These trends were partially offset by the sale or exit of operations of
$57.7 million
and unfavorable product mix of
$42.7 million
|
•
|
Higher copper and aluminum prices of
$56.2 million
|
•
|
Increased volume of
$31.6 million
|
•
|
These trends were partially offset by unfavorable product mix of
$3.4 million
and the sale of operations of
$4.9 million
|
•
|
Higher copper and aluminum prices of
$17.1 million
|
•
|
Favorable foreign currency exchange rate changes of
$10.9 million
|
•
|
These trends were partially offset by unfavorable product mix of
$17.1 million
|
•
|
Higher copper and aluminum prices of
$28.4 million
|
•
|
Increased volume of
$12.6 million
|
•
|
These trends were partially offset by unfavorable product mix of
$13.7 million
|
•
|
In the
three months ended
September 29, 2017
, the Company recorded pre-tax losses of
$28.3 million
on asset sales and other restructuring expenses of
$4.8 million
|
•
|
In the
three months ended
September 30, 2016
, the Company recorded net pre-tax gains of
$4.8 million
on asset sales and other restructuring expenses of
$21.3 million
|
|
Operating Income (Loss)
|
||||||||||||
|
Three Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
North America
|
$
|
19.0
|
|
|
2,375
|
%
|
|
$
|
10.0
|
|
|
212
|
%
|
Europe
|
0.1
|
|
|
13
|
%
|
|
10.8
|
|
|
230
|
%
|
||
Latin America
|
6.0
|
|
|
750
|
%
|
|
(7.1
|
)
|
|
(151
|
)%
|
||
Africa/Asia Pacific
|
(24.3
|
)
|
|
(3,038
|
)%
|
|
(9.0
|
)
|
|
(191
|
)%
|
||
Total operating income (loss)
|
$
|
0.8
|
|
|
100
|
%
|
|
$
|
4.7
|
|
|
100
|
%
|
•
|
Recognizing no tax benefit on $7.0 million of operational losses in jurisdictions where valuation allowances are recorded against net deferred tax assets, and
|
•
|
Recognizing no tax benefit on $26.8 million of losses resulting from the sale of businesses.
|
|
Net Sales
Nine Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
North America
|
$
|
1,681.4
|
|
|
59
|
%
|
|
$
|
1,565.2
|
|
|
53
|
%
|
Europe
|
619.1
|
|
|
22
|
%
|
|
663.5
|
|
|
23
|
%
|
||
Latin America
|
491.5
|
|
|
17
|
%
|
|
481.2
|
|
|
16
|
%
|
||
Africa/Asia Pacific
|
63.3
|
|
|
2
|
%
|
|
238.5
|
|
|
8
|
%
|
||
Total net sales
|
$
|
2,855.3
|
|
|
100
|
%
|
|
$
|
2,948.4
|
|
|
100
|
%
|
|
Metal-Adjusted Net Sales
Nine Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
North America
|
$
|
1,681.4
|
|
|
59
|
%
|
|
$
|
1,705.8
|
|
|
53
|
%
|
Europe
|
619.1
|
|
|
22
|
%
|
|
706.2
|
|
|
22
|
%
|
||
Latin America
|
491.5
|
|
|
17
|
%
|
|
550.2
|
|
|
17
|
%
|
||
Africa/Asia Pacific
|
63.3
|
|
|
2
|
%
|
|
268.3
|
|
|
8
|
%
|
||
Total metal-adjusted net sales
|
$
|
2,855.3
|
|
|
100
|
%
|
|
$
|
3,230.5
|
|
|
100
|
%
|
Metal adjustment
|
—
|
|
|
|
|
(282.1
|
)
|
|
|
||||
Total net sales
|
$
|
2,855.3
|
|
|
|
|
$
|
2,948.4
|
|
|
|
|
Metal Pounds Sold
Nine Fiscal Months Ended
|
||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||
|
Pounds
|
|
%
|
|
Pounds
|
|
%
|
||||
North America
|
441.4
|
|
|
60
|
%
|
|
415.5
|
|
|
53
|
%
|
Europe
|
112.3
|
|
|
15
|
%
|
|
116.3
|
|
|
15
|
%
|
Latin America
|
173.2
|
|
|
23
|
%
|
|
176.8
|
|
|
23
|
%
|
Africa/Asia Pacific
|
14.5
|
|
|
2
|
%
|
|
72.3
|
|
|
9
|
%
|
Total metal pounds sold
|
741.4
|
|
|
100
|
%
|
|
780.9
|
|
|
100
|
%
|
•
|
The sale or exit of operations of
$198.4 million
|
•
|
Unfavorable product mix of
$205.3 million
|
•
|
These trends were partially offset by higher copper and aluminum prices of
$282.1 million
, favorable foreign currency exchange rate changes of
$15.2 million
and increased volume of
$13.3 million
|
•
|
Higher copper and aluminum prices of
$140.6 million
|
•
|
Increased volume of
$47.9 million
|
•
|
These trends were partially offset by net sales of
$50.3 million
attributable to the sale of non-core operations and unfavorable product mix of
$25.8 million
|
•
|
Unfavorable product mix of
$80.0 million
|
•
|
Lower volume of
$7.4 million
|
•
|
These trends were partially offset by higher copper and aluminum prices of
$42.7 million
|
•
|
Higher copper and aluminum prices of
$69.0 million
|
•
|
Favorable foreign currency exchange rate changes of
$11.6 million
|
•
|
These trends were partially offset by lower volume and unfavorable product mix of
$6.7 million
and
$63.6 million
, respectively
|
•
|
In the
nine months ended
September 29, 2017
, the Company recorded pre-tax losses of
$72.5 million
on asset sales and other restructuring expenses of
$24.5 million
|
•
|
In the
nine months ended
September 30, 2016
, the Company recorded net pre-tax net gains of
$37.9 million
on asset sales and other restructuring related expenses of
$34.2 million
|
|
Operating Income (Loss)
|
||||||||||||
|
Nine Fiscal Months Ended
|
||||||||||||
|
September 29, 2017
|
|
September 30, 2016
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
North America
|
$
|
64.7
|
|
|
3,594
|
%
|
|
$
|
101.5
|
|
|
129
|
%
|
Europe
|
(6.0
|
)
|
|
(333
|
)%
|
|
17.0
|
|
|
22
|
%
|
||
Latin America
|
12.9
|
|
|
717
|
%
|
|
(10.4
|
)
|
|
(13
|
)%
|
||
Africa/Asia Pacific
|
(69.8
|
)
|
|
(3,878
|
)%
|
|
(29.6
|
)
|
|
(38
|
)%
|
||
Total operating income (loss)
|
$
|
1.8
|
|
|
100
|
%
|
|
$
|
78.5
|
|
|
100
|
%
|
•
|
Recognizing no tax benefit on $25.4 million of operational losses in jurisdictions where valuation allowances are recorded against net deferred tax assets,
|
•
|
Recognizing no tax benefit on $64.8 million of losses (including the reclassification of foreign currency translation adjustments) resulting from the sale of businesses,
|
•
|
Recognizing no tax benefit on $3.1 million of net foreign exchange related losses associated with the liquidation of our Australian and New Zealand businesses,
|
•
|
Recording a $5.7 million valuation allowance against net deferred tax assets in New Zealand due to the expected liquidation of the legal entities in New Zealand, and
|
•
|
Recording $9.8 million of income tax expense associated with changes in judgment concerning uncertain tax positions related to the FCPA settlement.
|
•
|
disruption of our business;
|
•
|
difficulty in maintaining or negotiating and consummating new business or strategic relationships or transactions;
|
•
|
distraction to our management and employees;
|
•
|
increased stock price volatility; and
|
•
|
increased costs and advisory fees.
|
Period
|
Total number of shares purchased
(1), (2)
|
Average price paid per share
|
|||
July 1, 2017 through July 28, 2017
|
51
|
|
$
|
16.30
|
|
July 29, 2017 through August 25, 2017
|
1,094
|
|
$
|
17.66
|
|
August 26, 2017 through September 29, 2017
|
4,286
|
|
$
|
17.83
|
|
Total
|
5,431
|
|
$
|
17.19
|
|
Exhibit No.
|
|
Description
|
|
||
|
||
|
||
|
||
|
||
|
||
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
General Cable Corporation
|
||
|
|
|
|
|
Signed:
|
November 2, 2017
|
By:
|
|
/s/ MATTI M. MASANOVICH
|
|
|
|
|
Matti M. Masanovich
|
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
Signed:
|
November 2, 2017
|
By:
|
|
/s/ LEONARD R. TEXTER
|
|
|
|
|
Leonard R. Texter
|
|
|
|
|
Senior Vice President and Global Controller
|
|
|
|
|
(Principal Accounting Officer)
|
1 Year Gen Cable Chart |
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