Restatement of Condensed Consolidated Financial Statements (Tables)
 6 Months Ended
Jun. 28, 2013
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
as of December 31, 2012 and for the three and six months ended June 29, 2012.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended June 29, 2012 filed by the Company on August 3, 2012. The “Restatement #1” column corresponds to Form 10-Q/A for the three months ended June 29, 2012 filed by the Company on March 1, 2013.
 
Three Fiscal Months Ended June 29, 2012
(in millions, except per share data)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net sales
$
1,478.1

$
—

$
1,478.1

$
—

$
(4.7
)
$
1.8

$
(2.9
)
$
1,475.2

Cost of sales
1,301.1

3.5

1,304.6

0.2

(2.5
)
(0.8
)
(3.1
)
1,301.5

Gross profit
177.0

(3.5
)
173.5

(0.2
)
(2.2
)
2.6

0.2

173.7

Selling, general and administrative expenses
104.4

—

104.4

—

—

1.7

1.7

106.1

Operating income
72.6

(3.5
)
69.1

(0.2
)
(2.2
)
0.9

(1.5
)
67.6

Income before income taxes
35.5

(3.5
)
32.0

(0.2
)
(2.2
)
0.9

(1.5
)
30.5

Income tax (provision) benefit
(12.0
)
0.5

(11.5
)
—

0.7

(0.4
)
0.3

(11.2
)
Net income including noncontrolling interest
24.0

(3.0
)
21.0

(0.2
)
(1.5
)
0.5

(1.2
)
19.8

Net income attributable to noncontrolling interest
2.1

—

2.1

—

—

(0.1
)
(0.1
)
2.0

Net income attributable to Company common shareholders
21.8

(3.0
)
18.8

(0.2
)
(1.5
)
0.6

(1.1
)
17.7

Comprehensive income (loss):
 
 
 



 
 
   Net income (loss)
24.0

(3.0
)
21.0

(0.2
)
(1.5
)
0.5

(1.2
)
19.8

   Currency translation gain (loss)
(64.2
)
4.1

(60.1
)
1.2

0.5

(0.1
)
1.6

(58.5
)
Comprehensive income (loss), net of tax
(45.7
)
1.1

(44.6
)
1.0

(1.0
)
0.4

0.4

(44.2
)
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
(0.7
)
—

(0.7
)
—

—

(0.1
)
(0.1
)
(0.8
)
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
(45.0
)
1.1

(43.9
)
1.0

(1.0
)
0.5

0.5

(43.4
)
Earnings per common share - basic
0.44

(0.06
)
0.38

—

(0.03
)
0.01

(0.02
)
0.36

Earnings per common share - assuming dilution
0.43

(0.06
)
0.37

—

(0.03
)
0.01

(0.02
)
0.35

In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended June 29, 2012 filed by the Company on August 3, 2012. The “Restatement #1” column corresponds to Form 10-Q/A for the six months ended June 29, 2012 filed by the Company on March 1, 2013.
 
Six Fiscal Months Ended June 29, 2012
(in millions, except per share data)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net sales
$
2,910.6

$
—

$
2,910.6

$
—

$
8.9

$
5.2

$
14.1

$
2,924.7

Cost of sales
2,586.4

6.2

2,592.6

0.7

7.5

1.1

9.3

2,601.9

Gross profit
324.2

(6.2
)
318.0

(0.7
)
1.4

4.1

4.8

322.8

Selling, general and administrative expenses
198.2

—

198.2

—

—

2.7

2.7

200.9

Operating income
126.0

(6.2
)
119.8

(0.7
)
1.4

1.4

2.1

121.9

Income before income taxes
72.7

(6.2
)
66.5

(0.7
)
1.4

1.4

2.1

68.6

Income tax (provision) benefit
(22.9
)
1.0

(21.9
)
—

(0.5
)
(0.6
)
(1.1
)
(23.0
)
Net income including noncontrolling interest
50.3

(5.2
)
45.1

(0.7
)
0.9

0.8

1.0

46.1

Net income attributable to noncontrolling interest
3.4

—

3.4

—

—

(0.1
)
(0.1
)
3.3

Net income attributable to Company common shareholders
46.7

(5.2
)
41.5

(0.7
)
0.9

0.9

1.1

42.6

Comprehensive income (loss):
 
 
 



 
 
   Net income (loss)
50.3

(5.2
)
45.1

(0.7
)
0.9

0.8

1.0

46.1

   Currency translation gain (loss)
(20.1
)
2.3

(17.8
)
0.9

0.2

(0.1
)
1.0

(16.8
)
Comprehensive income (loss), net of tax
30.7

(2.9
)
27.8

0.2

1.1

0.7

2.0

29.8

Comprehensive income (loss) attributable to noncontrolling interest, net of tax
3.7

—

3.7

—

—

(0.1
)
(0.1
)
3.6

Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
27.0

(2.9
)
24.1

0.2

1.1

0.8

2.1

26.2

Earnings per common share - basic
0.94

(0.11
)
0.83

(0.01
)
0.02

0.02

0.03

0.86

Earnings per common share - assuming dilution
0.92

(0.10
)
0.82

(0.02
)
0.02

0.02

0.02

0.84















Condensed Consolidated Balance Sheets:
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2012 filed by the Company on March 1, 2013.
 
December 31, 2012
(in millions)
As Originally Filed
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Assets
 
 
 
 
 
 
Cash and cash equivalents
638.2

—

—

(15.9
)
(15.9
)
622.3

Receivables, net of allowances
1,189.7

(4.2
)
—

(3.4
)
(7.6
)
1,182.1

Inventories, net
1,251.6

—

22.0

—

22.0

1,273.6

Deferred income taxes
39.1

—

—

0.4

0.4

39.5

Prepaid expenses and other
116.0

—

1.0

16.0

17.0

133.0

  Total current assets
3,234.6

(4.2
)
23.0

(2.9
)
15.9

3,250.5

Property, plant and equipment, net
1,199.8

—

—

(5.9
)
(5.9
)
1,193.9

Goodwill
184.4

—

—

3.2

3.2

187.6

Intangible assets, net
203.1

—

—

(0.2
)
(0.2
)
202.9

Unconsolidated affiliated companies
19.2

—

—

(0.3
)
(0.3
)
18.9

Total assets
4,919.9

(4.2
)
23.0

(6.1
)
12.7

4,932.6

Liabilities
 



 
 
Accrued liabilities
463.4

8.2

26.2

(1.7
)
32.7

496.1

Total current liabilities
1,977.6

8.2

26.2

(1.7
)
32.7

2,010.3

Deferred income taxes
221.5

—

(0.4
)
2.8

2.4

223.9

Other liabilities
292.6

—

—

0.1

0.1

292.7

Total liabilities
3,430.6

8.2

25.8

1.2

35.2

3,465.8

Equity
 



 
 
Retained earnings
916.5

(13.8
)
(3.9
)
(6.6
)
(24.3
)
892.2

Accumulated other comprehensive income (loss)
(107.3
)
1.4

1.1

0.2

2.7

(104.6
)
Total Company shareholders' equity
1,353.3

(12.4
)
(2.8
)
(6.4
)
(21.6
)
1,331.7

Noncontrolling interest
117.4

—

—

(0.9
)
(0.9
)
116.5

Total equity
1,470.7

(12.4
)
(2.8
)
(7.3
)
(22.5
)
1,448.2

Total liabilities and equity
4,919.9

(4.2
)
23.0

(6.1
)
12.7

4,932.6














Condensed Statement of Cash Flows:
In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the six months ended June 29, 2012 filed by the Company on August 3, 2012. The “Restatement #1” column corresponds to Form 10-Q/A for the six months ended June 29, 2012 filed by the Company on March 1, 2013.
 
Six Fiscal Months Ended June 29, 2012
(in millions)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net income (loss) including noncontrolling interests
$
50.3

$
(5.2
)
$
45.1

$
(0.7
)
$
0.9

$
0.8

$
1.0

$
46.1

Depreciation and amortization
53.7

—

53.7

—

—

0.2

0.2

53.9

Deferred income taxes
8.0

(1.0
)
7.0

—

0.2

—

0.2

7.2

(Increase) decrease in receivables
(146.9
)
—

(146.9
)
0.5

—

—

0.5

(146.4
)
(Increase) decrease in inventories
(39.9
)
6.2

(33.7
)
—

7.5

0.6

8.1

(25.6
)
(Increase) decrease in other assets
2.0

—

2.0

—

0.3

—

0.3

2.3

Increase (decrease) in accounts payable, accrued and other liabilities
37.7

—

37.7

0.2

(8.9
)
(1.8
)
(10.5
)
27.2

Net cash flows of operating activities
(17.1
)
—

(17.1
)
—

—

(0.2
)
(0.2
)
(17.3
)
Capital expenditures
(63.9
)
—

(63.9
)
—

—

0.2

0.2

(63.7
)
Net cash flows of investing activities
(67.1
)
—

(67.1
)
—

—

0.2

0.2

(66.9
)